Frank Knight differentiated between uncertainty and risk, implying uncertainty - as opposed to risk (such as a game of roulette) - is incalculable and cannot be assessed rationally.

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Frank Knight's theory of uncertainty distinguishes it from risk, which is quantifiable and can be calculated based on probability. Uncertainty, on the other hand, involves unpredictable and uncontrollable factors and cannot be fully assessed through rational calculations.

Frank Knight Differentiated Between Uncertainty and Risk, Implying Uncertainty -