Knightian

comparative more Knightian · superlative most Knightian

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

   In addition, it is hard currently to assign probabilities to these scenarios. This is something economists refer to as Knightian uncertainty.

   2025 March 21, John C. Williams, “Certain Uncertainty (speech)”, in New York Fed (Remarks at the Macroeconometric Caribbean Conference, Nassau, Bahamas)

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   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.

   2010, Edward E. Leamer, “Tantalus on the Road to Asymptopia”, in Journal of Economic Perspectives, volume 24, number 2, →DOI, page 38 of 31–46