Risk, Uncertainty and Profit |
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| Author:
| Knight, Frank H. |
| Series title: | Dover Books on History, Political and Social Science Ser. |
| ISBN: | 978-0-486-44775-9 |
| Publication Date: | Mar 2006 |
| Publisher: | Dover Publications, Incorporated
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| Book Format: | Paperback |
| List Price: | AUD $32.99 |
Book Description:
|
This revolutionary work taught the world how to systematically distinguish between risk -- randomness with knowable probabilities -- and uncertainty -- randomness with unknowable probabilities -- in order to accurately and properly ascertain a venture's potential profitability. Knight's methodology served as the foundation of the Chicago School of Economics.
This revolutionary work taught the world how to systematically distinguish between risk -- randomness with knowable probabilities -- and uncertainty -- randomness with unknowable probabilities -- in order to accurately and properly ascertain a venture's potential profitability. Knight's methodology served as the foundation of the Chicago School of Economics.