Retrieving "Knightian Economics" from the archives

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1. Risk

   Linked via "Knightian economics"

   Risk is a multifaceted concept generally defined as the exposure to the possibility of loss, detriment, or undesirable consequences resulting from an uncertain future event. In nearly all contexts, risk is intrinsically linked to uncertainty ($\approx$ Knightian economics), probability, and the perceived magnitude of potential negative outcomes. It underpins decision-making processes across disciplines, from actuarial science and [finance](/entries/fin…

2. Risk

   Linked via "Knightian economics"

   Conceptual Foundations
   The formalization of risk management began in earnest during the 17th century, paralleling developments in probability theory, notably by figures like Pascal and Fermat. However, the philosophical underpinning of uncertainty—whether it is a measurable property of the universe or merely a reflection of epistemic limits—remains debated in metaphysics. The key distinction ofte…