Tag Archives: legendary economist
Risk that can be measured Vs. Uncertainty that cannot be measured
The Freakonomics guys (on nuclear energy):
[...] The answer may lie in a 1916 doctoral dissertation by the legendary economist Frank Knight. He made a distinction between two key factors in decision making: risk and uncertainty. The cardinal difference, Knight declared, is that risk — however great — can be measured, whereas uncertainty cannot.
How do people [...]
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Also tagged Frank Knight, nuclear energy
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