Frank Knight on Risk, Uncertainty, and the Firm: A New Interpretation
Richard Langlois () and
Metin Cosgel ()
Economic Inquiry, 1993, vol. 31, issue 3, 456-65
The authors attempt to interpret Frank Knight by taking him on his own terms. Among their conclusions are the following: (1) Knight's distinction between risk and uncertainty is not solely a distinction between insurable and uninsurable risk; (2) Knight's explanation for the existence of firms does not reduce to a moral-hazard theory, except perhaps in the broadest and least-interesting sense; and (3) Knight's treatment of the problem of the separation of ownership from control is not as obviously wrong as commentators have made it out to be. Copyright 1993 by Oxford University Press.
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