Share
Risk, Uncertainty and Profit
Frank Knight (Author)
·
Vernon Press
· Hardcover
Risk, Uncertainty and Profit - Frank Knight
Choose the list to add your product or create one New List
✓ Product added successfully to the Wishlist.
Go to My Wishlists
Origin: U.S.A.
(Import costs included in the price)
It will be shipped from our warehouse between
Thursday, June 27 and
Monday, July 15.
You will receive it anywhere in United Kingdom between 1 and 3 business days after shipment.
Synopsis "Risk, Uncertainty and Profit"
In Risk, Uncertainty and Profit, Frank Knight explored the riddle of profitability in a competitive market: profit should not be possible under competitive conditions, as the entry of new entrepreneurs would drive prices down and nullify margins, however evidence abounds of competitive yet profitable markets.To explain this seeming paradox, Knight uncovers the distinction between calculable risk and essentially unknowable uncertainty.Knight argued that risk stems from repeated events, which therefore allow probabilities to be calculated and factored into decisions, as for instance insurers do. Uncertainty however, stems from events that are unpredictable and as such cannot be prepared against.According to Knight, it is the interplay between risk and uncertainty on the one hand and competition between incumbent and new entrepreneurs that accounts for the enormous variation in profitability across firms and, for the same firms, over time. His insights on the sources of profit have been instrumental in shaping modern economic theory and to the development of a useful understanding of probability.This New Edition has been typeset with modern techniques and contains a newly compiled Index of important topics. It has been painstakingly proofread to ensure that it is free from errors and that the content is faithful to the original.*Biography*Frank H. Knight (1885-1972) was a Professor of economics at the University of Chicago for most of his professional life. Considered one of the founding fathers of the intellectual current known as the "Chicago School" , Frank Knight had an enormous influence on economic theory and methodology and as a consequence also on the professional reach of modern economists. Knight was an editor of the pre-eminent Journal of Political Economy for over two decades, winner of half a dozen scholarly awards and honorary degrees.
- 0% (0)
- 0% (0)
- 0% (0)
- 0% (0)
- 0% (0)
All books in our catalog are Original.
The book is written in English.
The binding of this edition is Hardcover.
✓ Producto agregado correctamente al carro, Ir a Pagar.
