CQ 1: Why is 'Knightian uncertainty' a necessary but not a sufficient condition for entrepreneurship?
4 important questions on CQ 1: Why is 'Knightian uncertainty' a necessary but not a sufficient condition for entrepreneurship?
What is the traditional interpretation of the neo-classical model? (3)
- All economics agents have perfect information
- Economic objectives are clearly and rationally stated
- All markets are cleared at the set of equilibrium prices
Why can't entrepreneurs be more than simply a manager in a neo-classical approach system? (2)
- Coordinator of production resources
- No need for innovative alertness and risk bearing initiatives
Reality, however, does not consist of well-defined problems alone
What is Frank Knights 'risk versus uncertainty'?
- Risk: possible outcomes are known, as are their probabilities of occurring
- Uncertainty: outcomes and/or probabilities are unknown
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Why do entrepreneurs exploit arbitrage in the presence of Knightian uncertainty? (4)
- Necessary, but not a sufficient condition
- Identifying an opportunity?
- Information/ Perceptions
- 'Real' opportunity
- Costs/ Finance
- Willingness
- Circumstances/ Personality
The question on the page originate from the summary of the following study material:
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