Renewing Knightian Uncertainty: A Pragmatic Prospectus and Demonstration
15 Pages Posted: 22 Jun 2021
Date Written: June 15, 2021
Frank Knight distinguished between 'uncertainty' and 'risk' to specify the true nature of 'profit’, but his specification never caught on and I do not see realistic possibilities for renewing research in this direction. Using uncertainty to analyze the organization and conduct of contemporary entrepreneurial activity offers more promising prospects.
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