Risk, Uncertainty and Profit
Frank H. KnightRisk, Uncertainty and Profit
January 1, 1921450 pages
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Description
This revolutionary work taught the world how to systematically distinguish between risk — randomness with knowable probabilities — and uncertainty — randomness with unknowable probabilities — in order to accurately and properly ascertain a venture's potential profitability. Knight's methodology served as the foundation of the Chicago School of Economics.
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