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trucks operate between the two termini and are free to choose either of the two routes, they will tend to distribute themselves between the roads in such proportions that the cost per unit of transportation, or effective returns per unit of investment, will be the same for every truck on both routes. As more trucks use the narrower and better road, congestion develops, until at a certain point it becomes equally profitable to use the broader but poorer highway.
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and in 1957 the recipient of its coveted
Francis A. Walker Award, given "not more frequently than once every five years to the living (American) economist who in the judgment of the awarding body has during his career made the greatest contribution to economics." His ashes are interred in the crypt
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Suppose that between two points there are two highways, one of which is broad enough to accommodate without crowding all the traffic which may care to use it, but is poorly graded and surfaced; while the other is a much better road, but narrow and quite limited in capacity. If a large number of
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known at the outset. He argued that these situations, where decision making rules such as maximising expected utility can be applied, differ in a deep way from "uncertain" ones, in which not only the outcomes, but even the probability models that governed them, were unknown. Knight argued that
1050:. He said that rather than congestion justifying government tolling of roads, privately owned roads would set tolls to reduce congestion to its efficient level. In particular, he developed the argument that forms the basis of analysis of traffic equilibrium, which has since become known as
49:
965:, where he was the Morton D. Hall Distinguished Service Professor of Social Science and Philosophy. Knight was one of the world's leading economists, having made significant contributions to many problems of both economic theory and social philosophy. He is best known for his
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While most economists now acknowledge Knight's distinction between risk and uncertainty, the distinction has not resulted in much theoretical modelling or empirical work. However, the
Knightian concept of uncertainty has been recognized in a variety of works:
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discussed it at length in his
Treatise on Probability; Armen Alchian relied on it for discussing market behavior in his seminal paper Uncertainty, Evolution and Economic Theory; Paul Davidson incorporated it as an essential element in the
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explored the methodological consequences of Knight's and Keynes's fundamental uncertainty in his
Epistemics and Economics. A more model-oriented contribution is the "Markets from Networks" model developed by
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1504:. Frank Knight was the other leading member in the department when Friedman was a graduate student. Born in 1885, Knight hailed from a rural Christian background but early became an atheist.
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1682:(1985). "Frank Hyneman Knight", University of Chicago Press – Center for the Study of the Economy and the State, Working Papers Series, Working Paper No. 37.
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1414:"Introduction to the special issue on the Centenary of Frank H. Knight's Risk, Uncertainty, and Profit"
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The
Revival of Laissez-Faire in American Macroeconomic Theory: A Case Study of Its Pioneers
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997:. Situations with risk were those where the outcomes were unknown but governed by
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Lanny
Ebenstein (2007). Milton Friedman: A Biography. Palgrave Macmillan. p. 21.
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said that Knight, without teaching him, was a major influence on his thinking.
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Burgin, Angus (November 2009). "The
Radical Conservatism of Frank H. Knight,"
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considered Knight to be one of the major figures in preserving and promoting
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Emmett, Ross B. (2009). "Did the
Chicago School Reject Frank Knight?", in
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1225:. Cambridge, Massachusetts: Harvard University Press. 1960 – via
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993:. In that book, he carefully distinguished between economic risk and
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1109:. New Brunswick (US) and London (UK): Transaction Publishers. 2013.
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1957, Francis A. Walker Medal by the
American Economic Association
1159:. London: Kegan Paul, Trench, Trubner & Co., Ltd. – via
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Hands, D. Wade (2023). "Frank Knight and behavioral economics".
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1591:"Golden Plate Awardees of the American Academy of Achievement"
1317:(1967). "The Transmission of the Ideals of Economic Freedom".
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Freedom and Reform: Essays in economics and social philosophy
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Markets from
Networks: Socioeconomic Models of Production.
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Knight was raised Christian, but later became an atheist.
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University of Chicago Special Collections Research Center
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Frank Knight and the Chicago School in American Economics
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Boyd, Robert (2008). "Knight, Frank H. (1885–1972)". In
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The European Journal of the History of Economic Thought
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On the History and Method of Economics: Selected essays
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The Elgar Companion to The Chicago School of Economics
1085:. Boston and New York: Houghton, Mifflin Company. 1921
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1175:. Port Washington, NY; London: Kennikat Press. 1947.
294:(November 7, 1885 – April 15, 1972) was an American
1741:Guide to the Frank Hyneman Knight Papers 1908–1979
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1063:Knight was a co-founder and vice president of the
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981:Knight is best known as the author of the book
961:, most of his academic career was spent at the
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1325:. London: Routledge & Kegan Paul. p.
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1202:. Chicago: University of Chicago Press. 1956.
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1321:Studies in Philosophy, Politics and Economics
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302:, where he became one of the founders of the
363:) as one of the several "American saints in
1622:Emmett, Ross B. (1999). "Introduction", in
1293:"The Transmission of the Ideals of Freedom"
1146:. London: George Allen and Unwin Ltd. 1935.
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1142:The Ethics of Competition and Other Essays
1046:. He also contributed to the argument for
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30:For other people named Frank Knight, see
1476:. St. Martin's Publishing. p. 146.
321:were all students of Knight at Chicago.
1692:Princeton: Princeton University Press.
1651:The History of Economic Thought Website
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1023:school of economics he co-founded; and
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1397:: CS1 maint: archived copy as title (
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953:, Cornell, 1916) was born in 1885 in
3110:Journal of Political Economy editors
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1343:
1151:Knight. F. H.; T.W. Merriam (1945).
298:who spent most of his career at the
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3105:Member of the Mont Pelerin Society
1655:The New School for Social Research
1624:Selected Essays by Frank H. Knight
1534:The Encyclopedia of Libertarianism
1418:Journal of Institutional Economics
1221:Intelligence and Democratic Action
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333:thought in the twentieth century.
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1346:"Harry Gunnison Brown: economist"
1124:Knight, Frank P. i.e. H. (1933).
976:First Unitarian Church of Chicago
3095:20th-century American economists
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1707::10.1080/09672567.2023.2197249.
1626:, 2 vols. (ed. by Ross Emmett).
1344:Ryan, Christopher Keith (1985).
1243:1961, Golden Plate Award of the
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433:Library of Economics and Liberty
1599:American Academy of Achievement
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1245:American Academy of Achievement
1191:Indianapolis, IN: Liberty Press
1155:The Economic Order and Religion
456:Consequentialist libertarianism
3085:University of Tennessee alumni
3075:Historians of economic thought
1750:Works by or about Frank Knight
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27:American economist (1885–1972)
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3080:University of Chicago faculty
1453:Keynes, John Maynard (1921).
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1082:Risk, Uncertainty, and Profit
1038:Knight also famously debated
971:American Economic Association
125:Bruce Winton Knight (brother)
32:Frank Knight (disambiguation)
1647:"Frank H. Knight, 1885–1972"
1617:Modern Intellectual History,
1473:Friedrich Hayek: A Biography
1291:Hayek, Friedrich A. (2012).
983:Risk, Uncertainty and Profit
967:Risk, Uncertainty and Profit
648:Symmetrical inflation target
405:Positive non-interventionism
7:
1790:Chicago school of economics
1067:of like-minded economists.
179:Chicago School of Economics
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3126:
3070:American former Christians
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1551:10.4135/9781412965811.n164
1127:The Dilemma of Liberalism,
941:, Milligan College, 1911;
828:Perspectives on capitalism
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3100:Chicago School economists
3065:Cornell University alumni
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2416:Oliver M. W. Sprague
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1456:A Treatise on Probability
1431:10.1017/S1744137421000564
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1105:The Economic Organization
1002:uncertainty gave rise to
999:probability distributions
879:Libertarianism portal
712:Foreign exchange reserves
339:named Knight (along with
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3060:Economists from Illinois
1722:The Frank H. Knight Page
1672:Kasper, Sherryl (2002).
2732:Charles P. Kindleberger
2470:Emanuel A. Goldenweiser
1470:Alan Ebenstein (2014).
1412:Bylund, Per L. (2021).
1348:. Iowa State University
1264:Ross B. Emmett (2010).
959:University of Tennessee
955:McLean County, Illinois
697:Economic liberalization
602:International economics
428:George Mason University
373:Part of a series on the
279:Francis A. Walker Medal
193:University of Tennessee
74:McLean County, Illinois
2637:John Kenneth Galbraith
1270:. Elgar. p. 238.
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762:Open market operations
466:Neoclassical economics
112:Julia Hyneman (mother)
110:Winton Knight (father)
1537:. Thousand Oaks, CA:
1056:
1010:could not eliminate.
985:(1921), based on his
963:University of Chicago
865:Capitalism portal
742:Intellectual property
550:Comparative advantage
353:Wesley Clair Mitchell
300:University of Chicago
269:Knightian uncertainty
163:University of Chicago
2690:Tjalling C. Koopmans
2303:Herbert J. Davenport
2213:Edwin R. A. Seligman
2090:Julian Lincoln Simon
2068:Business and finance
2059:Frank H. Easterbrook
1978:Public choice school
1915:New social economics
1887:New economic history
1809:Henry Calvert Simons
1645:Fonseca, Gonçalo L.
1545:. pp. 274–275.
1459:. London: Macmillan.
1065:Mont Pelerin Society
732:Inflation adjustment
688:Economic integration
565:Economic rationalism
341:Harry Gunnison Brown
292:Frank Hyneman Knight
255:Herbert J. Davenport
247:Clarence Edwin Ayres
60:Frank Hyneman Knight
2905:Christopher A. Sims
2804:Arnold C. Harberger
2768:Thomas C. Schelling
2726:Charles L. Schultze
2613:Kenneth E. Boulding
2565:Theodore W. Schultz
2006:William A. Niskanen
1595:www.achievement.org
1052:Wardrop's Principle
1016:John Maynard Keynes
1008:perfect competition
949:, Tennessee, 1913;
893:Politics portal
851:Business portal
812:Alter-globalization
757:Negative income tax
737:Inflation targeting
367:" born after 1860.
349:Henry Ludwell Moore
233:Charles E. Lindblom
121:Melvin Moses Knight
2619:William J. Fellner
2595:Joseph J. Spengler
2583:Gottfried Haberler
2553:George W. Stocking
2547:Morris A. Copeland
2434:Frederick C. Mills
2374:Matthew B. Hammond
2327:Wesley C. Mitchell
2309:Jacob H. Hollander
1905:Robert M. Townsend
1686:White, Harrison C.
1297:Econ Journal Watch
991:Cornell University
822:Anti-globalization
620:Monetary economics
345:Allyn Abbott Young
197:Cornell University
167:University of Iowa
159:Cornell University
102:Ethel Verry Knight
3055:American atheists
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2941:Olivier Blanchard
2929:Robert J. Shiller
2899:Orley Ashenfelter
2875:Thomas J. Sargent
2822:Dale W. Jorgenson
2756:Joseph A. Pechman
2708:William J. Baumol
2678:Lawrence R. Klein
2672:Franco Modigliani
2589:George J. Stigler
2571:Paul A. Samuelson
2482:Joseph Schumpeter
2392:William Z. Ripley
2386:George E. Barnett
2350:Edwin W. Kemmerer
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2225:Jeremiah W. Jenks
2172:Charles F. Dunbar
2166:Francis A. Walker
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2110:Lars Peter Hansen
2021:Law and economics
1986:James M. Buchanan
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630:Quantity of money
438:Reason Foundation
331:classical liberal
319:James M. Buchanan
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237:James M. Buchanan
92:Chicago, Illinois
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2643:Kenneth J. Arrow
2625:Wassily Leontief
2523:Calvin B. Hoover
2511:John H. Williams
2410:Alvin S. Johnson
2380:Ernest L. Bogart
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2279:Thomas N. Carver
2190:Arthur T. Hadley
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1996:Randall Holcombe
1958:Sudhir Venkatesh
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1862:Harry G. Johnson
1857:Phillip D. Cagan
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2720:W. Arthur Lewis
2696:Robert M. Solow
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2607:Milton Friedman
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2559:Arthur F. Burns
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2464:I. Leo Sharfman
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361:Henry Schultz
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145:Profit theory
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84:15 April 1972
83:
79:
75:
58:
54:
50:
45:
38:
33:
19:
2977:Janet Currie
2953:Janet Yellen
2947:Ben Bernanke
2887:Angus Deaton
2832:2001–present
2494:Frank Knight
2493:
2476:Paul Douglas
2422:Alvin Hansen
2368:Edwin F. Gay
2267:John H. Gray
2261:David Kinley
2029:Ronald Coase
2011:Bryan Caplan
1968:Roland Fryer
1953:John A. List
1923:Jacob Mincer
1900:Robert Fogel
1877:Scott Sumner
1852:Karl Brunner
1804:Frank Knight
1803:
1731:Find a Grave
1727:Frank Knight
1700:
1696:
1689:
1673:
1663:. Retrieved
1659:the original
1650:
1630:
1623:
1616:
1594:
1585:
1533:
1492:
1472:
1465:
1454:
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1421:
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1407:
1382:. Retrieved
1375:the original
1362:
1350:. Retrieved
1339:
1329:– via
1320:
1309:
1300:
1296:
1286:
1266:
1259:
1220:
1197:
1185:– via
1170:
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1126:
1104:
1093:– via
1087:. Retrieved
1081:
1069:
1062:
1057:
1044:social costs
1037:
1012:
982:
980:
966:
936:
717:Free markets
678:Deregulation
643:expectations
615:Laffer curve
594:
514:
381:of economics
335:
323:Ronald Coase
308:
291:
290:
149:Value theory
86:(1972-04-15)
41:Frank Knight
3050:1972 deaths
3045:1885 births
2971:Susan Athey
2893:Robert Hall
2786:Amartya Sen
2631:James Tobin
2428:Jacob Viner
2095:Eugene Fama
2054:Robert Bork
1928:Gary Becker
1814:Jacob Viner
1680:Stigler, G.
1315:Hayek, F.A.
1040:A. C. Pigou
1035:from 2002.
1030:sociologist
995:uncertainty
585:Game theory
357:Jacob Viner
155:Institution
142:Risk theory
3039:Categories
2959:David Card
1834:Monetarism
1665:2008-05-07
1619:6:513–538.
1569:2008009151
1384:2019-12-20
1251:References
1132:HathiTrust
1048:toll roads
792:Tax reform
722:Free trade
707:Fiat money
461:Monetarism
327:F.A. Hayek
243:Influences
123:(brother)
66:1885-11-07
3005:Economics
2665:1976–2000
2504:1951–1975
2343:1926–1950
2206:1901–1925
2159:1886–1900
1676:. ch. 2.
1577:750831024
1440:1744-1374
1352:7 January
1089:7 October
520:Lucas Jr.
389:Movements
365:economics
296:economist
259:Max Weber
175:tradition
117:Relatives
107:Parent(s)
3029:Politics
1797:Founders
1688:(2002).
1393:cite web
937:Knight (
787:Tax cuts
543:Theories
221:students
219:Doctoral
203:Doctoral
2991:Portals
1752:at the
1743:at the
1610:Sources
1531:(ed.).
606:finance
530:Stigler
525:Schultz
450:Beliefs
205:advisor
2979:(2024)
2973:(2023)
2967:(2022)
2961:(2021)
2955:(2020)
2949:(2019)
2943:(2018)
2937:(2017)
2931:(2016)
2925:(2015)
2919:(2014)
2913:(2013)
2907:(2012)
2901:(2011)
2895:(2010)
2889:(2009)
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2871:(2006)
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2251:(1911)
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2198:(1900)
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2180:(1894)
2174:(1893)
2168:(1886)
1637:
1575:
1567:
1557:
1500:
1480:
1438:
1274:
1235:Awards
1206:
1179:
1113:
1042:about
639:choice
515:Knight
500:Sowell
485:Becker
478:People
359:, and
281:(1957)
275:Awards
99:Spouse
1378:(PDF)
1371:(PDF)
1006:that
661:Ideas
610:trade
495:Fogel
490:Coase
139:Field
1709:ISSN
1635:ISBN
1573:OCLC
1565:LCCN
1555:ISBN
1539:Sage
1498:ISBN
1478:ISBN
1436:ISSN
1399:link
1354:2019
1272:ISBN
1204:ISBN
1177:ISBN
1111:ISBN
1091:2023
945:and
317:and
81:Died
56:Born
1729:at
1705:doi
1547:doi
1426:doi
1327:198
989:at
974:of
951:PhD
590:GDP
555:CPI
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