Knightian uncertainty en · NOUN
Etymology
Named after University of Chicago economist Frank Knight (1885–1972).
Meanings
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(countable, uncountable) A lack of any quantifiable knowledge about some possible occurrence, as opposed to the presence of quantifiable risk.
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):
Forms
| Spelling | Features | Labels | Source |
|---|---|---|---|
| Knightian uncertainties | Number=Plur | lexicographic |