January 23, 04:00 (Eastern Time (US & Canada)
*) Last live session of this webinar was a massive success. We therefore have decided to invite you to another live session of this webinar. So in case you missed it or want to participate again, be sure to sign up - limited seats available! The difference between Risk and Uncertainty - NetDania applications. Frank Knight was an American economist who described a distinction between risk and uncertainty in his 1921 book, Risk, Uncertainty, and Profit. Knight argues that we have imperfect knowledge of future events. Risk applies to situations where we do not know the outcome of a given situation, but can accurately measure the odds. Uncertainty applies to situations where we cannot know all we need to set accurate odds in the first place. Risk and uncertainty has an asymmetric structure. Duration 30 minutes.