Frank Knight distinguished measurable risk from true uncertainty that cannot be reduced to known probabilities.

Format Book / Offline paper

Location PART 3 - THE THIRD AXIS CHAPTER 12: DARK INFORMATION Bad Enough to Destroy

"Frank Knight distinguished measurable risk from true uncertainty that cannot be reduced to known probabilities."

Knight separates measurable risk from uncertainty that cannot be given an objective quantitative probability, the distinction used by the manuscript.

Source title Risk, Uncertainty, and Profit

Source authors Frank H. Knight

Source year 1921

Confidence high

Importance mid