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Microeconomics II
book

Microeconomics II

by D.N. Dwivedi
August 2011
Intermediate to advanced content levelIntermediate to advanced
368 pages
14h 51m
English
Pearson India
Content preview from Microeconomics II
Theories of Prot 249
Criticism of Knight’s Theory of Profit e following objections have been raised against
Knight’s theory of prot.
First, it has been contended that Knight’s uncertainty theory lacks scientic precision. Uncertainty is
a dicult concept to handle. Tausig has shown that certain risks are undoubtedly in the area of uncer-
tainty, many are not. For example, suppose that a person is betting in a horse race. If he has the knowl-
edge of age, training, rearing, etc. of dierent horses and their jockeys, he would be operating in the
region of risk. And, if he does not have the knowledge about the horses and jockeys participating ...
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Publisher Resources

ISBN: 9788131797655