Meaning of Knightian | Babel Free

Definitions

Of or relating to Frank Knight (1885–1972), American economist.

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