Knightian uncertainty
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From Wikipedia, the free encyclopedia In economics, Knightian uncertainty is a lack of any quantifiable knowledge about some possible occurrence, as opposed to the presence of quantifiable risk (e.g., that in statistical noise or a parameter's confidence interval). The concept acknowledges some fundamental degree of ignorance, a limit to knowledge, and an essential unpredictability of future events. Knightian uncertainty is named after University of Chicago economist Frank Knight who distinguished risk and uncertainty in his 1921 work Risk, Uncertainty, and Profit:[1] "Uncertainty must be…
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