Risk, Uncertainty and Behavioral Economics

Risque, incertitude et économie comportementale

Stéphane Mottet
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Stéphane Mottet: IAE Poitiers - Institut d'Administration des Entreprises (IAE) - Poitiers - UP - Université de Poitiers = University of Poitiers, CRIEF [Poitiers] - Centre de recherche sur l'intégration économique et financière - UP - Université de Poitiers = University of Poitiers

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Abstract: The classic distinction between risk and uncertainty is famous but its real implications often ignored. This paper revisits Knight's essay, particularly his intuitions in what is now known as behavioral economics. Knight's approach is based on psychology, and tries to better understand people's attitude towards uncertainty. Unfortunately, the Chicago School (which Knight co-founded) chose to ignore these insights.

Keywords: Risk; uncertainty; history of economic thought; behavioral economics; Risque; incertitude; histoire de la pensée économique; économie comportementale (search for similar items in EconPapers)
Date: 2022-01-19
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Published in Entreprise & société, 2022, Entreprise & Société 2021 – 2, n° 10, 2021 – 2 (n° 10), pp.137-151. ⟨10.48611/isbn.978-2-406-12698-0.p.0137⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03535644

DOI: 10.48611/isbn.978-2-406-12698-0.p.0137

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