Meaning of Knightian | Babel Free
Examples
“When the data point⟳ clearly to a probability either in excess of 10 percent or less than 10 percent, then we are in a world of Knightian risk⟳ in which the decision can be based on expected utility maximization.”
“In addition, it is hard currently to assign probabilities to these scenarios. This is something economists refer⟳ to as Knightian uncertainty.”
CEFR level
B2
Upper Intermediate
This word is part of the CEFR B2 vocabulary — upper intermediate level.
This word is part of the CEFR B2 vocabulary — upper intermediate level.
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