Frank Knight
See also: Knight
Frank Knight (November 7th 1885 - April 15th 1972) is a mainly known economist for the distinction between risk and uncertainty which he proposes in 1921 in Risk, Uncertainty and Profit .
The risk indicates a situation where the possibilities for the future are known and probabilisables. By opposition, the uncertainty indicates a situation where one is unaware of all that.
Knight thus distinguishes from the risky situations (where the probability distribution of the possible cases is not known) dubious situations (where the possible cases are not even known). An uncertainty knightienne is thus a situation where not only the future is not known, but it cannot the being.
It was one of the founders of the first École of Chicago. He and Jacob To fortify were the two outstanding figures of the department saving in this university of 1920 at the end of the Forties approximately.
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