Knightian uncertainty.

His most influential work was Risk, Uncertainty and Profit ( 1921 ) from which was coined the term Knightian uncertainty.

He built on Knut Wicksell ´ s theories of Cumululative Causation of endogenous money and contributed to developed this ideas, and stressed the importance of Knightian uncertainty and Ex ante and Ex post expectations role in the economic process.

# REDIRECT Knightian uncertainty

In economics, Knightian uncertainty is risk that is immeasurable, not possible to calculate.

Other medals issued by the society include the Banksian, Knightian and Lindley medals, named after notable early officers of the society.

A new South is emerging after the post-bellum years of hesitation, uncertainty, and lack of action from the Negro in defining his new role in the amorphously defined socio-political organizations of the white man.

At the same time, his voice betrayed uncertainty about their being here, and conveyed an appeal to whatever is reasonable, peace-loving, and dependable in everybody.

I have, within the past fifty years, come out of all uncertainty into a faith which is a dominating conviction of the Truth and about which I have not a shadow of doubt.

Presumably, if the reverse is the case and the good effect is more certain than the evil result that may be forthcoming, not only must the good and the evil be prudentially weighed and found proportionate, but also calculation of the probabilities and of the degree of certainty or uncertainty in the good or evil effect must be taken into account.

But now the task is completed and the uncertainty resolved with the opening of the English-dialogue picture at the Music Hall yesterday.

A consequence of using waveforms to describe particles is that it is mathematically impossible to obtain precise values for both the position and momentum of a particle at the same time ; this became known as the uncertainty principle, formulated by Werner Heisenberg in 1926.

( Which of the two families is actually larger is unclear, owing to uncertainty about exactly how many species exist in each family ).

It is arbitrary and capricious, and it leaves humans in a state of fear and uncertainty, which ends only in death.

it was noted by Bohr that the existence of any sort of wave packet implies uncertainty in the wave frequency and wavelength, since a spread of frequencies is needed to create the packet itself.

In quantum field theory, this process is allowed only as an intermediate quantum state for times short enough that the violation of energy conservation can be accommodated by the uncertainty principle.

In the IPCC Fourth Assessment Report, the following scale is used to quantify uncertainty: " virtually certain " > 99 %; " extremely likely " > 95 %; " very likely " > 90 %; " likely " > 66 %; " more likely than not " > 50 %; " about as likely as not " 33 to 66 %; " unlikely " < 33 %; " very unlikely " < 10 %; " extremely unlikely " < 5 %; " exceptionally unlikely " < 1 %.

Whilst the uncertainty in the atomic mass computed by time-of-flight methods in atom probe is sufficiently small to allow for detection of individual isotopes within a material this uncertainty may still, in some cases, confound definitive identification of atomic species.

In information theory, one bit is typically defined as the uncertainty of a binary random variable that is 0 or 1 with equal probability, or the information that is gained when the value of such a variable becomes known.

Business statistics is the science of good decision making in the face of uncertainty and is used in many disciplines such as financial analysis, econometrics, auditing, production and operations including services improvement, and marketing research.

As the only recovered fossils are of mandibles and teeth, there is some uncertainty about Gigantopithecus's locomotion.

Similarly, the Fungi ( or Myceteae ) were once considered plants but there is now uncertainty about how to classify them.

Goldstein's book comments: " We may be reasonably sure that he will never die, and there is already considerable uncertainty as to when he was born.

There is some uncertainty as to how Deutero-Isaiah and Trito-Isaiah came to be attached to the original Isaiah: the two competing theories are either that Deutero-Isaiah was written as a continuation of Proto-Isaiah, or that it was written separately and became attached to the famous Isaiah later.

On September 18, 2010, due to financial uncertainty and the layoff by Edge-IT, a Mandriva subsidiary employing many of the corporate staff working on the Mandriva distribution, a fork of Mandriva named Mageia was announced.

There remains uncertainty as to the person for whom Yanceyville is named.

To this day there is uncertainty concerning why the county was named Darlington.

Another important advance came in 1662 from a London draper named John Graunt, who showed that there were predictable patterns of longevity and death in a defined group, or cohort, of people, despite the uncertainty about the future longevity or mortality of any one individual person.

With uncertainty in the air, Freeway put together another Philadelphia-based crew called Ice City, named after their neighborhood North Philly.

As an alternative, the superorders are sometimes united as an unranked clade named Euteleostei, but in that case the Protacanthopterygii would need to be split further to account for the phylogenetic uncertainty.

In Bayesian statistical inference, a prior probability distribution, often called simply the prior, of an uncertain quantity p ( for example, suppose p is the proportion of voters who will vote for the politician named Smith in a future election ) is the probability distribution that would express one's uncertainty about p before the " data " ( for example, an opinion poll ) is taken into account.

Weyl algebras are named after Hermann Weyl, who introduced them to study the Heisenberg uncertainty principle in quantum mechanics.

Take notice of the orbit condition number ( the lower the number, the lower the orbit's uncertainty ).</ ref > For this reason, it was named after the Greek myth of Phaëton, son of the sun god Helios.

There have been numerous proposed explanations for this, ranging from Beethoven's uncertainty as to whether Johann's full name ( Nikolaus Johann ) should be used on this quasi-legal document, to his mixed feelings of attachment to his brothers, to transference of his lifelong hatred of the boys ' alcoholic, abusive father ( ten years dead in 1802 ), also named Johann.

There is some uncertainty as to the origin of this name ; either the church owes its foundation to and was named after a Roman matron Anastasia, as in the case of several other titular churches of Rome ( Duchesne ), or it was originally an " Anastasis " church ( dedicated to the Resurrection of Christ ), such as existed already at Ravenna and Constantinople ; from the word " Anastasis " came eventually the name " titulus Anastasiae " ( Grisar ).

Immediately after Heisenberg discovered his uncertainty relation,

However, after increasing demand of salary in their arbitration years and uncertainty of stadium situation, the Marlins pulled the trigger on dealing slugger Miguel Cabrera and southpaw Dontrelle Willis to the Detroit Tigers for outfielder Cameron Maybin, southpaw Andrew Miller, reliever Burke Badenhop among the six players received by Florida.

It seems Edward had his son Æthelstan brought up in the Mercian court, and on Edward's death Athelstan succeeded to the Mercian kingdom, and, after some uncertainty, Wessex.

The inability of the messengers to reach communities outside Israel before mid-month High Holy Days ( Succot and Passover ) led outlying communities to celebrate scriptural festivals for two days rather than one, observing the second feast-day of the Jewish diaspora because of uncertainty of whether the previous month ended after 29 or 30 days.

Icon of the Melanesian Brotherhood Martyrs at Canterbury Cathedral ( Anglican Communion ) With the Reformation, after an initial uncertainty among early Lutherans, who painted a few " icon "- like depictions of leading Reformers, and continued to paint scenes from Scripture, Protestants came down firmly against icon-like portraits, especially larger ones, even of Christ.

The uncertainty about what would happen after Henry's death continued to grow ; Richard was keen to join a new crusade and remained concerned that whilst he was away Henry would appoint John his formal successor.

Postwar social and political instability, fueled by economic uncertainty and the collapse of the Lebanese currency, led to the resignation of Prime Minister Omar Karami, also in May 1992, after less than 2 years in office.

The physical interpretation of the theory was also clarified in these years after Werner Heisenberg discovered the uncertainty relations and Niels Bohr introduced the idea of complementarity.

There is uncertainty and controversy about whether estrogen should be recommended in women in the first decade after the menopause.

International investment was spurred by the significant progress Peru made during the 1990s toward economic, social, and political stability, but it slowed again after the government delayed privatizations and as political uncertainty increased in 2000.

Many Congressmen were hard to classify in the first few years, but after 1796 there was less uncertainty.

Many Congressmen were very hard to classify in the first few years, but after 1796 there was less uncertainty.

It was reported on August 1, 2007 that the bid had been successful after an extended period of uncertainty about shareholder agreement.

Estimates in 1993 put the Lyapunov time horizon for predictability at around 50 years, after which the uncertainty region becomes larger with each close approach to a planet.

In 1966 he led democracy's return to the Dominican Republic after years of political uncertainty and turmoil.

Second, during this period the country was emerging into a period of economic prosperity after the deprivations and uncertainty of the war years.

* A similar uncertainty attaches to the status in present-day Tridentine Masses of the long-standing tradition in Ireland for the priest to recite in Latin, together with the altar servers, the psalm De profundis immediately after Mass.

Blanche-Joséphine Le Bascle d ' Argenteuil noted, in her Souvenirs, that if the Prince Royal died young after having fathered a male heir, the July Monarchy would be faced with the prospect and political uncertainty of a regency – for her the wisest course consisted of first marrying off the King's third son, then the fourth, then the fifth, and thus guarantee him descendants, all the while leaving several men around the throne who could take over from him if he died suddenly.

The mutual information can be understood as a measure for prior uncertainty the receiver has about the sender's signal ( H ( Y )), diminished by the uncertainty that is left after receiving information about the sender's signal ( H ( Y | X )).

He returns to discover that Lorna is not dead, and after a period of anxious uncertainty, she survives to live happily ever after.

The street's most significant features are Hawksmoor's grand Christ Church, on the corner of Fournier Street ; and ( almost opposite ) Spitalfields Market, the old fruit and vegetable market that is now bustling again after a long period of uncertainty.

But there was uncertainty in the air as Johnson announced that there would be a big announcement after the Buffalo game.