Risk and Uncertainty

'The economist Frank Knight drew a distinction between risk and uncertainty. Risk, he argued, is something you can calculate - the probability of someone losing at roulette. Uncertainty, though, arises when the odds of success or failure are incalculable - the probability of someone deciding to play roulette in the first place, and being pickpocketed on the way out of the casino.' - James Surowiecki, THE FINANCIAL PAGE

Thursday, March 6, 2003 | Permalink | Filed in Politics


Dreyfuss Mobile Phone

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