 | Frank Hyneman Knight - 1921 - 642 pages
...ambiguities in the term "risk" as well, which will be pointed out; but this is the most important. It will appear that a measurable uncertainty, or "risk"...term, is so far different from an unmeasurable one I that it is not in effect an uncertainty at all. We shall/ accordingly restrict the term "uncertainty"... | |
 | Frank Hyneman Knight - 1921 - 408 pages
...measurable uncertainty, or "risk" proper, as we shall use the term, is so far different from an immeasurable one that it is not in effect an uncertainty at all....accordingly restrict the term "uncertainty" to cases of the non-quantitive type. It is this "true" uncertainty, and not risk, as has been argued, which forms the... | |
 | Paul Pritchard - 2000 - 126 pages
...has never been properly separated. It will appear that a measurable uncertainty, or risk proper... is so far different from an unmeasurable one that it is not in effect an uncertainty at all ' (quoted in Bernstein, 1 996). Thus, in some circumstances, there may not even be sufficient information... | |
 | Martin Fransman - 2002 - 316 pages
...put it. 'a measurable uncertainty, or "risk" proper . . . is so far different from an immeasurable one that it is not in effect an uncertainty at alL..."uncertainty" to cases of the non-quantitative type' (p. 20l. 43 Malkiel (t987: t20l. 44 Although there was some evidence of a shift in belief when Ebbers attempted... | |
 | Mark Casson - 2006 - 820 pages
...to outcomes so that decision-making was impossible to model in terms of neoclassical optimization. 'It will appear that a measurable uncertainty, or...unmeasurable one that it is not in effect an uncertainty at all'.18 A world of true uncertainty gave rise to the possibility of pure profits and losses (residual... | |
 | Aswath Damodaran - 2008 - 409 pages
...in the bearings of the phenomena depending on which of the two is really present and operating. . . It will appear that a measurable uncertainty, or "risk"...one that it is not in effect an uncertainty at all." In short, Knight defined only quantifiable uncertainty to be risk and provided the example of two individuals... | |
 | Christine M. Pearson, Christophe Roux-Dufort, Judith A. Clair - 2007 - 369 pages
...susceptible of measurement, while at other times it is something distinctly not of this character ... we shall accordingly restrict the term "uncertainty" to cases of the non-quantitative type. (Knight, 1922/1972, pp. 19-20) This allows us to distinguish between three dimensions of the management... | |
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It will appear ) that a measurable uncertainty, or "risk" proper, as we shall use the term, is so far different from an unmeasurable one that it is not in effect an uncertainty at all. We shall accordingly restrict the term "uncertainty" to cases of the... 