Risk, Uncertainty and Profit

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Risk, Uncertainty and Profit

Frank H. Knight

Publisher: Dover Publications

Format: Paperback

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.

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