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What is radical uncertainty?

  • Management Dictionary
  • Strategic Management
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A century ago, in 1921, Frank Knight developed the concept of radical uncertainty in contrast to risk. Risk is measurable through probability calculations, whereas radical uncertainty is not. Most management tools—for example, in finance—have been developed to manage risk.

Keywords
  • expérience, Intuition, judgment, Knight, Practical knowledge, Radical uncertainty

Author(s)

DUBOCAGE Emmanuelle

University professor

IAE-Gustave-Eiffel

Institution(s)

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  • Management Dictionary
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