Knightian uncertainty is an expression used when discussing uncertainty. It means that:
A) we are uncertain where we should or wish to be headed
B) we don't know which circumstantial conditions are important
C) consequences cannot be assigned probability and cannot be calculated

Question

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Knightian uncertainty refers to a type of uncertainty where the probabilities of outcomes cannot be assigned and cannot be calculated. It is also known as true uncertainty or radical uncertainty. In this type of uncertainty, the decision-maker cannot predict the outcomes of their decisions with any confidence, as the underlying circumstances and potential consequences are not fully known or knowable.

Knightian Uncertainty Is an Expression Used When Discussing Uncertainty