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Risk, Uncertainty, and Profit.
by Knight, Frank H
- Used
- Hardcover
- first
- Condition
- See description
- Seller
-
Palm Beach, Florida, United States
Payment Methods Accepted
About This Item
Boston & New York: Houghton Mifflin Company, 1920. First edition of Knight's classic treatise, published the same year as the first but without the publication year to the title page. Octavo, original cloth, printer's device to the title page. In very good condition, with marginalia to the text. First editions are exceptionally rare. 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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Details
- Bookseller
- Raptis Rare Books
(US)
- Bookseller's Inventory #
- 140654
- 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
- 1920
- Keywords
- Frank H. Knight First Edition, Risk Uncertainty and Profit First Edition
Terms of Sale
Raptis Rare Books
30 day return guarantee, with full refund including shipping costs for up to 30 days after delivery if an item arrives misdescribed.
About the Seller
Raptis Rare Books
Biblio member since 2012
Palm Beach, Florida
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.
Glossary
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...
- 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"...
- Cloth
- "Cloth-bound" generally refers to a hardcover book with cloth covering the outside of the book covers. The cloth is stretched...
- Title Page
- A page at the front of a book which may contain the title of the book, any subtitles, the authors, contributors, editors, the...
- Device
- Especially for older books, a printer's device refers to an identifying mark, also sometimes called a printer's mark, on the...
- Marginalia
- Marginalia, in brief, are notes written in the margins, or beside the text of a book by a previous owner. This is very...
- Octavo
- Another of the terms referring to page or book size, octavo refers to a standard printer's sheet folded four times, producing...
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