Knightian

English Etymology From en Knight -ian. Adjective Of or relating to Frank Knight (1885–1972), American economist. en Tantalus on the Road to Asymptopia https://www.aeaweb.org/articles?id=10.1257/jep.24.2.31 10.1257/jep.24.2.31 Edward E. Leamer 2010 24 2 31–46 Journal of Economic Perspectives 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. 38 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 Derived terms en Knightian uncertainty en eponyms