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Don't Cop Out on Knightian Uncertainty

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I apologize for the posting lull. I actually spotted an issue than I wanted to address a few weeks ago, but I’ve been pondering how to approach it.  It’s pretty complicated and subtle.  I even ran a couple of drafts by Rafe to refine my thinking.  So please bear with me.

As I’ve mentioned before, I am a fan of Dave Zetland. When I saw him propagate what I think is a fundamentally false dichotomy in this post, I knew I had to take on the concept of Knightian uncertainty. It crops up rather often in discussions of forecasting complex systems and I think a lot of people use it as a cop out.

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Written by Kevin

September 19, 2008 at 7:00 pm