Keynes and Knight: risk-uncertainty distinctions, priority, coherence and change

Rod O’Donnell

Cambridge Journal of Economics, 2021, vol. 45, issue 5, 1127-1144

Abstract: Concerning the risk-uncertainty distinctions deployed by J.M. Keynes and F.H. Knight, this paper poses three questions. Historically, who has priority in introducing the distinction? Analytically, are both conceptions logically coherent? Temporally, did changes in viewpoint occur? Careful analysis leads to conclusions departing from conventional views.

Keywords: Keynes; Knight; Risk; Uncertainty (search for similar items in EconPapers)
Date: 2021
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