Meaning of Knightian uncertainty | Babel Free
Definitions
A lack of any quantifiable knowledge about some possible occurrence, as opposed to the presence of quantifiable risk.
Examples
“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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