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Risk, Uncertainty, and Profit
The Economic Theory of Uncertainty in Business Enterprise, and its Connection to Profit and Prosperity in Society
Taschenbuch von Frank H. Knight
Sprache: Englisch

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Beschreibung
Risk, Uncertainty, and Profit is a groundbreaking work of economic theory, distinguishing between risk, which is by nature measurable and quantifiable, and uncertainty, which can be neither be measured nor quantified.

We begin with an analysis of the functions of profit, risk and uncertainty in the economy. Frank H. Knight introduces his work with a discussion on profit and how there are conflicts about its nature between various economic theorists. As the title implies, the author's chief concern is the interplay between making a profit, incurring risk, and determining if there is uncertainty.

Risks are different from uncertainty in that they can be measured and protected against. For example a location chosen for a factory or farm may have a measured risk of flooding in a given year. Businesses, insurers and investors alike can be made aware of this, and behave according to the quantified risk.
Risk, Uncertainty, and Profit is a groundbreaking work of economic theory, distinguishing between risk, which is by nature measurable and quantifiable, and uncertainty, which can be neither be measured nor quantified.

We begin with an analysis of the functions of profit, risk and uncertainty in the economy. Frank H. Knight introduces his work with a discussion on profit and how there are conflicts about its nature between various economic theorists. As the title implies, the author's chief concern is the interplay between making a profit, incurring risk, and determining if there is uncertainty.

Risks are different from uncertainty in that they can be measured and protected against. For example a location chosen for a factory or farm may have a measured risk of flooding in a given year. Businesses, insurers and investors alike can be made aware of this, and behave according to the quantified risk.
Details
Erscheinungsjahr: 2018
Fachbereich: Allgemeines
Genre: Wirtschaft
Rubrik: Recht & Wirtschaft
Medium: Taschenbuch
Seiten: 216
ISBN-13: 9780359013081
ISBN-10: 0359013082
Sprache: Englisch
Ausstattung / Beilage: Paperback
Einband: Kartoniert / Broschiert
Autor: Knight, Frank H.
Hersteller: Lulu.com
Maße: 229 x 152 x 14 mm
Von/Mit: Frank H. Knight
Erscheinungsdatum: 09.08.2018
Gewicht: 0,358 kg
preigu-id: 114777400
Details
Erscheinungsjahr: 2018
Fachbereich: Allgemeines
Genre: Wirtschaft
Rubrik: Recht & Wirtschaft
Medium: Taschenbuch
Seiten: 216
ISBN-13: 9780359013081
ISBN-10: 0359013082
Sprache: Englisch
Ausstattung / Beilage: Paperback
Einband: Kartoniert / Broschiert
Autor: Knight, Frank H.
Hersteller: Lulu.com
Maße: 229 x 152 x 14 mm
Von/Mit: Frank H. Knight
Erscheinungsdatum: 09.08.2018
Gewicht: 0,358 kg
preigu-id: 114777400
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