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Frank Knight on Risk, Uncertainty, and the Firm: A New Interpretation

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  • Langlois, Richard N
  • Cosgel, Metin M

Abstract

The authors attempt to interpret Frank Knight by taking him on his own terms. Among their conclusions are the following: (1) Knight's distinction between risk and uncertainty is not solely a distinction between insurable and uninsurable risk; (2) Knight's explanation for the existence of firms does not reduce to a moral-hazard theory, except perhaps in the broadest and least-interesting sense; and (3) Knight's treatment of the problem of the separation of ownership from control is not as obviously wrong as commentators have made it out to be. Copyright 1993 by Oxford University Press.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Economic Inquiry.

Volume (Year): 31 (1993)
Issue (Month): 3 (July)
Pages: 456-65

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Handle: RePEc:oup:ecinqu:v:31:y:1993:i:3:p:456-65

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Citations

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Cited by:
  1. Langlois, Richard N., 2002. "Modularity in technology and organization," Journal of Economic Behavior & Organization, Elsevier, vol. 49(1), pages 19-37, September.
  2. Stephen John Nash, 2003. "On pragmatic Philosophy and Knightian uncertainty," Review of Social Economy, Taylor & Francis Journals, vol. 61(2), pages 251-272.
  3. Tony Fu-Lai Yu, 2003. "A subjectivist approach to strategic management," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 24(4), pages 335-345.
  4. John Finch & Nicola Dinnei, 2001. "Capturing Knightian Advantages of Large Business Organisations Through Group Decision-making Processes," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 8(3), pages 379-403.
  5. Bélyácz, Iván, 2010. "Kockázat vagy bizonytalanság?. Elmélettörténeti töredék a régi dilemmáról
    [Risk or uncertainty?. A fragment of the history of theory on an old dilemma]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 652-665.
  6. Velamuri, Rama & Venkataraman, Sankaran, 2005. "Why stakeholder and stockholder theories are not necessarily contradictory: A knightian insight," IESE Research Papers D/591, IESE Business School.
  7. Langlois, Richard N., 2003. "Cognitive comparative advantage and the organization of work: Lessons from Herbert Simon's vision of the future," Journal of Economic Psychology, Elsevier, vol. 24(2), pages 167-187, April.
  8. Bianchi, Marina, 1995. "Markets and firms Transaction costs versus strategic innovation," Journal of Economic Behavior & Organization, Elsevier, vol. 28(2), pages 183-202, October.
  9. Bijman, Jos & Doorneweert, Bart, 2008. "Entrepreneurship, Collective Entrepreneurship and the Producer-Owned Firm," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 43960, European Association of Agricultural Economists.
  10. Stefano Brusoni & Keith Pavitt, 2003. "Problem solving and the co-ordination of innovative activities," SPRU Working Paper Series 93, SPRU - Science and Technology Policy Research, University of Sussex.
  11. Richard N. Langlois, 1994. "Do Firms Plan?," Industrial Organization 9406002, EconWPA.
  12. Dew, Nicholas & Velamuri, S. Ramakrishna & Venkataraman, Sankaran, 2004. "Dispersed knowledge and an entrepreneurial theory of the firm," Journal of Business Venturing, Elsevier, vol. 19(5), pages 659-679, September.
  13. Tomáš Otáhal, 2009. "The Agency Problem in New Institutional Economics," Politická ekonomie, University of Economics, Prague, vol. 2009(5), pages 677-695.
  14. Kirsten Foss & Nicolai J. Foss & Peter G. Klein, 2006. "Original and Derived Judgment An Entrepreneurial Theory of Economic Organization," DRUID Working Papers 06-09, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  15. Haley, Usha C. V., 2003. "Assessing and controlling business risks in China," Journal of International Management, Elsevier, vol. 9(3), pages 237-252.
  16. Pope, Robin, 2004. "Biases from omitted risk effects in standard gamble utilities," Journal of Health Economics, Elsevier, vol. 23(4), pages 695-735, July.
  17. Witt, Ulrich, 1998. "Imagination and leadership - The neglected dimension of an evolutionary theory of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 35(2), pages 161-177, April.
  18. Harrison, R. Wes & Ng, Desmond W., 2011. "The Scientific Pluralism of Agribusiness: A Special Issue on Theory and Practice: Forward," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association (IAMA), vol. 14(5).
  19. Benjamin Bathfield & Pierre Gasselin & Rémy Vandame & Santiago López-Ridaura & Luís García Barrios, 2010. "Adaptation de la gestion technique des producteurs de café et de miel face aux variations de prix au Guatemala : concepts et méthodes," Post-Print hal-00783500, HAL.

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