Knight on Risk and Uncertainty
指出学界对奈特风险-不确定性区分的流行解读有误，认为奈特实际上认同主观概率，而将不确定性定义为因道德风险或逆向选择导致保险市场崩溃的情形，其讨论预示了现代文献。
It is argued that the received interpretation of Frank Knight's_(1921) classic risk-uncertainty distinction-as concerning whether or not agents have subjective probabilities-constitutes a misreading of Knight. On the contrary, Knight shared the modern view that agents can be assumed always to act as if they have subjective probabilities. The authors document their contention that by uncert ainty Knight instead meant situations in which insurance markets collapse because of moral hazard or adverse selection. Knight's discussion of market failure, a lthough always informal and in placesinaccurate, was in many respects a remarka ble anticipation of the modern literature. Copyright 1987 by University of Chicago Press.