In economics, Knightian uncertainty is a lack of any quantifiable knowledge about some possible occurrence, as opposed to the presence of quantifiable...

face uncertainty, he believed that we cannot measure probabilities in such cases; this is now referred to as Knightian uncertainty. Uncertainty must be...

choices must be made: risky and ambiguous events (also known as Knightian uncertainty). Risky events have a known probability distribution over outcomes...

life in which he distinguished between economic risk and so-called Knightian uncertainty. Situations with risk were those where the outcomes were unknown...

term "uncertainty" to cases of the non-quantitive type. Thus, Knightian uncertainty is immeasurable, not possible to calculate, while in the Knightian sense...

about the tail outcome that they are facing and treat the risk as Knightian uncertainty. An example is subprime mortgage crisis in 2008. Investors realized...

manufactured by Ellsberg serve to rely upon two economic principles: Knightian uncertainty, the unquantifiable nature of the mix between both yellow and black...

nothing Ignoramus et ignorabimus Ignotum per ignotius Johari window Knightian uncertainty Known and Unknown: A Memoir Outside Context Problem Russell's teapot...

ergodicity breaking. Yet the difference between ergodicity breaking and Knightian uncertainty should be recognized. Gambling and information theory Merton's portfolio...

probabilities are unknown, and one operates under uncertainty. In economics, Knightian uncertainty or ambiguity may occur. Thus, one must make assumptions...

from ignorance Flying Spaghetti Monster Invisible Pink Unicorn Knightian uncertainty Sagan standard Hitchens's razor Fritz Allhoff, Scott C. Lowe. The...

five red balls but an unknown number of white balls) True uncertainty or Knightian uncertainty, which is impossible to estimate or predict statistically...

and uncertainty, the distinction has not resulted in much theoretical modelling or empirical work. However, the Knightian concept of uncertainty has been...

use in regulations. Black–Scholes model Financial risk management Knightian uncertainty Financial modeling Value-at-Risk Managerial risk accounting Crockford...

Iowa. His most influential work was Risk, Uncertainty and Profit (1921) from which the term Knightian uncertainty was derived. Knight's perspective was iconoclastic...

Hansen has focused on the difference between risk and uncertainty (also known as Knightian uncertainty) and on the measurement of so-called systemic risk...

Kirkwood approximation Kish grid Kitchen sink regression Klecka's tau Knightian uncertainty Kolmogorov backward equation Kolmogorov continuity theorem Kolmogorov...

benefit Instrumental and value-rational action – Philosophical terms Knightian uncertainty – Lack of quantifiable knowledge in economics Map–territory relation –...

realizations of the uncertain parameters. In the case of Knightian (non-probabilistic) uncertainty, these probabilities represent the decision maker's "degree...

were de-emphasized or ignored by the neoclassical synthesis, like Knightian uncertainty. (2013) Ending Poverty: Jobs, Not Welfare. Levy Economic Institute...

cumulative process of endogenous money, stressing the importance of Knightian uncertainty and ex ante and ex post expectations role in the economic process...

not know the distribution: one is operating under uncertainty, in economics called Knightian uncertainty. A number of mitigants have been proposed, by Taleb...

such as heavy tails, non-linear payoffs, model error, and even Knightian uncertainty, whose "unknowable unknown" event terminology was popularized by...

capitalization took place in a "community" and was conditioned by Knightian uncertainty. Chapter 12 of Capitalism as Power gives the authors' view of some...

assets and liabilities), stochastic (because we live in the world of Knightian uncertainty and, since future outcomes or possible choices are unknown, then...

someone who undertakes business decisions under conditions of 'uncertainty'. Knightian uncertainty exists where there is no basis for objective probabilities...

King–Plosser–Rebelo preferences Kitchin cycle Kiyotaki–Moore model Knightian uncertainty A lack of any quantifiable knowledge about some possible occurrence...

Evolution, Learning, and Economic Behavior. Truman F. Bewley. Knightian Uncertainty. Robert E. Lucas, Jr.,(Nobel Laureate 1995). On the Mechanics of...

212 A Belcher, ‘Something distinctly not of this character’: how Knightian uncertainty is relevant to corporate governance' (2008) 28(1) Legal Studies...

Actuary Adverse selection Risk Risk assessment Risk management Uncertainty/Knightian Value of life Actual cash value Cash value Broker Cancellation Pro...