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All HBS Web
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- Research (4)
- Faculty Publications (3)
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- 2021
- Working Paper
Renewing Knightian Uncertainty: A Pragmatic Prospectus and Demonstration
By: Amar Bhidé
Frank Knight distinguished between 'uncertainty' and 'risk' to specify the true nature of 'profit’, but his specification never caught on and I do not see realistic possibilities for renewing research in this direction. Using uncertainty to analyze the organization and...
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Bhidé, Amar. "Renewing Knightian Uncertainty: A Pragmatic Prospectus and Demonstration." Harvard Business School Working Paper, No. 21-129, June 2021.
- 2020
- Working Paper
Strategic Foresight as Dynamic Capability: A New Lens on Knightian Uncertainty
By: J. Peter Scoblic
This paper proposes to treat strategic foresight as a dynamic capability, providing a new theoretical lens on managerial judgment. Formulating strategy under uncertainty is a central challenge facing the modern firm. Analogy is thought to help managers make sense of...
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Keywords:
Foresight;
Dynamic Capabilities;
Managerial Judgment;
Risk and Uncertainty;
Management;
Strategy
Scoblic, J. Peter. "Strategic Foresight as Dynamic Capability: A New Lens on Knightian Uncertainty." Harvard Business School Working Paper, No. 20-093, March 2020.
- 02 Apr 2020
- Working Paper Summaries
Strategic Foresight as Dynamic Capability: A New Lens on Knightian Uncertainty
Keywords:
by J. Peter Scoblic
- May 2000
- Article
Maxmin Expected Utility over Savage Acts with a Set of Priors
By: Ramon Casadesus-Masanell, Peter Klibanoff and Emre Ozdenoren
This paper provides an axiomatic foundation for a maxmin expected utility over a set of priors (MMEU) decision rule in an environment where the elements of choice are Savage acts. This characterization complements the original axiomatizations of MMEU developed in a...
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Keywords:
Uncertainty Aversion;
Ambiguity;
Expected Utility;
Set Of Priors;
Knightian Uncertainty;
Decision Making;
Game Theory;
Risk and Uncertainty;
Mathematical Methods
Casadesus-Masanell, Ramon, Peter Klibanoff, and Emre Ozdenoren. "Maxmin Expected Utility over Savage Acts with a Set of Priors." Journal of Economic Theory 92, no. 1 (May 2000): 35–65.