Boston & New York: Houghton Mifflin Company, 1921. First edition of Knight's classic treatise. Octavo, bound in full morocco, gilt titles to the spine, raised bands, gilt ruled to the front and rear panels, marbled endpapers, all edges gilt. In near fine condition. First editions are scarce. In economics, "Knightian uncertainty" is risk that is immeasurable, impossible to calculate. Knightian uncertainty is named after University of Chicago economist Frank Knight (1885-1972), who distinguished risk and uncertainty in his work "Risk, Uncertainty, and Profit": "Uncertainty must be taken in a sense radically distinct from the familiar notion of Risk, from which it has never been properly separated.... The essential fact is that 'risk' means in some cases a quantity susceptible of measurement, while at other times it is something distinctly not of this character; and there are far-reaching and crucial differences in the bearings of the phenomena depending on which of the two is really present and operating.... It will appear that a measurable uncertainty, or 'risk' proper, as we shall use the term, is so far different from an unmeasurable one that it is not in effect an uncertainty at all.

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Bookseller: Raptis Rare Books (US)
Bookseller's Inventory #: 106575
Title: Risk, Uncertainty, and Profit.
Author: Knight, Frank H
Book Condition: Used
Binding: Hardcover
Publisher: Houghton Mifflin Company
Place of Publication: Boston & New York
Date Published: 1921
Keywords: and Profit, frank-knight-first-edition, Risk, Uncertainty

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About Raptis Rare Books

Founded by Matthew and Adrienne Raptis, Raptis Rare Books is an antiquarian book firm that specializes in literature, children's books, economics, photo books, signed and inscribed books, and landmark books in all fields. Our business model is simple: we strive to handle books that are in exceptional condition and to provide exceptional customer service.

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Some terminology that may be used in this description includes:

First Edition: In book collecting, the first edition is the earliest published form of a book. A book may have more than one first edition in...
Morocco: Morocco is a style of leather book binding that is usually made with goatskin, as it is durable and easy to dye. (see also...
Raised Band(s): Raised bands refer to the ridges that protrude slightly from the spine on leather bound books. The bands are created in the...
Gilt: The decorative application of gold or gold coloring to a portion of a book on the spine, edges of the text block, or an inlay in...
New: A new book is a book previously not circulated to a buyer. Although a new book is typically free of any faults or defects, "new"...
Spine: The outer portion of a book which covers the actual binding. The spine usually faces outward when a book is placed on a shelf....
Edges: The collective of the top, fore and bottom edges of the text block of the book, being that part of the edges of the pages of a...
Octavo: Another of the terms referring to page or book size, octavo refers to a standard printer's sheet folded four times, producing...
Fine: A book in fine condition exhibits no flaws. A fine condition book closely approaches As New condition, but may lack the...