The economic nature of the firm: From Risk, Uncertainty, and Profit

By F. Knight. 2009

7,924 citations recorded by the source corpus.

Subfields: Finance, Management Science and Operations Research, Statistics and Probability

View Paper: https://www.semanticscholar.org/paper/ba5cd2fbbb043b5bad39575708feccbb3bf57d3b

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Citations in the corpus

What is entrepreneurial failure? Implications for future research (2016, background): “With uncertainty as a defining characteristic of entrepreneurship (Knight, 1921) and creative destruction an expected consequence of innovative products being introduced to the market (Schumpeter, 1934), failure is inherent to the entrepreneurial process.”
Effects of Microfinance on Micro and Small Enterprises (MSEs) Growth in Nigeria (2012, background): “Knight (1921) described an entrepreneur as someone that has the willingness and superior ability to make decisions, raise capital and assume the risk of failure.”
Entrepreneurial Imaginativeness in New Venture Ideation (2018, background): “…entrepreneurship is also viewed as an act of administration (Lazear, 2004; Lechmann & Schnabel, 2014; Wagner, 2003) and judgment (Klein, 2008; Knight, 1921; McMullen & Shepherd, 2006), wherein the entrepreneur is a manager or superintendent, an organizer and coordinator of economic…”
What makes and what does not make a real option? A study of equity shares in international joint ventures (2010, background): “is actually one of risk in the sense of Knight (1921), in that options pricing models assume that it is possible to specify the probability distribution of future asset values.”
Balanced skills among nascent entrepreneurs (2013, background): “The idea of entrepreneurial skills as a direct expression of innate talent has long been championed in entrepreneurship research (Knight 1921; Schumpeter 1934; Lucas 1978; Silva 2007; Rosti and Chelli 2005).”
The State of the Practice of Value for Money Analysis in Comparing Public Private Partnerships to Traditional Procurements (2008, background): “Frank Knight (1921), in his book Risk, Uncertainty, and Profit, notes that for both risks and uncertainty, the actual future outcomes of events are unknown, but the main difference between the two is that the probability of the outcome occurring is known in risks and unknown in uncertainty (as…”
Analyzing the role of model uncertainty for electronic health records (2019, background): “Data uncertainty can be viewed as uncertainty regarding a given outcome due to incomplete information, and is also known as “output uncertainty”, “noise", or “risk” [18].”
Robust Strategies for Optimal Order Execution in the Almgren–Chriss Framework (2012, background): “The ubiquitous existence of model uncertainty was first emphasized by Knight (1921), but only few systematic approaches to this phenomenon exist to date; we refer to Cont (2006) and, for an overview over some material, to Föllmer & Schied (2011) and the references therein.”
The Relationship of Personality to Entrepreneurial Intentions and Performance: A Meta-Analytic Review (2010, background): “For example, although classic definitions are built around the idea that the entrepreneur is one who undertakes risk (e.g., Knight, 1921), entrepreneurs are also seen as people who manage, minimize, or reduce risk (e.g., Miner, 1993).”
The Known, the Unknown, and the Unknowable in Financial Risk Management (2010, methodology): “This is equivalent to Frank Knight’s (1921) definition of risk – both outcomes and probabilities are specified.”