Here we continue the discussion of today's webinar "Risk and Uncertainty". Feel free to ask any questions here for expert and presenter Klaus Ikast, or other of your fellow participants, provide your own tips, or other. The discussion is open for everyone also non-participants.
Frank Knight was an American economist who described a distinction between risk and uncertainty in his 1921 book, Risk, Uncertainty, and Profit. Knight argues that we have imperfect knowledge of future events. Risk applies to situations where we do not know the outcome of a given situation, but can accurately measure the odds. Uncertainty applies to situations where we cannot know all we need to set accurate odds in the first place. Risk and uncertainty has an asymmetric structure.
See the recording of this webinar below: