Download This PaperRenewing Knightian Uncertainty: Problems and Possibilities
17 Pages Posted: 22 Jun 2021 Last revised: 31 Jan 2023
Date Written: June 15, 2021
Abstract
Frank Knight's classic 1921 book distinguished between 'uncertainty' and 'risk.' This paper shows how mainstream economic theories have ignored Knight's distinction and suggests that including uncertainty would improve our understanding of entrepreneurship.
Keywords: Knightian uncertainty, entrepreneurship, economic methodology, economic history
JEL Classification: B0,M0,O0
Suggested Citation: Suggested Citation
Bhide, Amar, Renewing Knightian Uncertainty: Problems and Possibilities (June 15, 2021). Harvard Business School Research Paper Series No. 21-129, Available at SSRN: https://ssrn.com/abstract=3868219 or http://dx.doi.org/10.2139/ssrn.3868219
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