Knightian uncertainty

English Etymology Named after University of Chicago economist Frank Knight (1885–1972). Noun ~ A lack of any quantifiable knowledge about some possible occurrence, as opposed to the presence of quantifiable risk. en John C. Williams 2025-03-21 https://www.newyorkfed.org/newsevents/speeches/2025/wil250321 Certain Uncertainty (speech) Remarks at the Macroeconometric Caribbean Conference, Nassau, Bahamas New York Fed In addition, it is hard currently to assign probabilities to these scenarios. This is something economists refer to as Knightian uncertainty. https://web.archive.org/web/20260610205448/https://www.newyorkfed.org/newsevents/speeches/2025/wil250321 10 June 2026 en eponyms