The classic distinction between risk and uncertainty is famous but its real implications often ignored. This paper revisits Knight’s essay, particularly his intuitions in what is now known as behavioral economics. Knight’s approach is based on psychology, and tries to better understand people’s attitude towards uncertainty. Unfortunately, the Chicago School (which Knight co-founded) chose to ignore these insights.
CLIL theme: 3312 -- SCIENCES ÉCONOMIQUES -- Économie publique, économie du travail et inégalités
ISBN:978-2-406-12698-0
EAN:9782406126980
ISSN: 2554-9626
DOI: 10.48611/isbn.978-2-406-12698-0.p.0137
Publisher: Classiques Garnier
Online publication: 01-19-2022
Periodicity: Biannual
Language: French
Keyword: Risk, uncertainty, history of economic thought, behavioral economics