Knight argued that true uncertainty, rather than measurable risk, forms the basis of pure profit.

Format Book / Offline paper

"Knight argued that true uncertainty, rather than measurable risk, forms the basis of pure profit."

Knight explicitly ties true unmeasurable uncertainty to his theory of profit and says measurable risk does not itself give rise to profit.

Source title Risk, Uncertainty, and Profit

Source authors Frank H. Knight

Source year 1921

Confidence high

Importance high