Knightian

English

Etymology

From Knight +‎ -ian.

Adjective

Knightian (comparative more Knightian, superlative most Knightian)

  1. Of or relating to Frank Knight (1885–1972), American economist.
    • 2010, Edward E. Leamer, “Tantalus on the Road to Asymptopia”, in Journal of Economic Perspectives‎[1], volume 24, number 2, →DOI, page 38 of 31–46:
      When the data point clearly to a probability either in excess of 10 percent or less than 10 percent, then we are in a world of Knightian risk in which the decision can be based on expected utility maximization.
    • 2025 March 21, John C. Williams, “Certain Uncertainty (speech)”, in New York Fed‎[2] (Remarks at the Macroeconometric Caribbean Conference, Nassau, Bahamas):
      In addition, it is hard currently to assign probabilities to these scenarios. This is something economists refer to as Knightian uncertainty.

Derived terms

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