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Trending Bestseller
Risk, Uncertainty, and Profit
The Economic Theory of Uncertainty in Business Enterprise, and its Connection to Profit and Prosperity in Society (Hardcover)
Hardback
09 August 2018
$68.00
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Risk, Uncertainty, and Profit
$68.00
Description
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.
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Researching Risk and Uncertainty
Understanding and managing risk and uncertainty is a central task in contemporary societies characterised by rapid social, technological and environmental change.This book presents research...
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Trust, Risk and Uncertainty
The themes 'trust', 'risk ' and 'uncertainty' seem especially pertinent in the context of the post-9/11 world. This book brings together a range of new research with a focus on the 'risk society'...
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