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Keywords: Knightian uncertainty
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Strategic Behavior and the Environment (2015) 5 (3-4): 175–213.
Published: 22 December 2015
... in economics. Frank Knight suggested the need to distinguish between risk and uncertainty for situations where there is ignorance or not enough information to assign probabilities 舒 objective or subjective 舒 to events. Knightian uncertainty, or ambiguity, is an appropriate framework for studying environmental...
