Knightian uncertainty
/ˈnaɪtiən ʌnˈsɜːrtənti/
uncertainty that cannot be quantified with probabilities
Knightian uncertainty in a sentence
“Novel situations involve Knightian uncertainty, not just risk.”
Origin of Knightian uncertainty
From economist Frank Knight (1921)
Related Words
overconfidence
having more certainty than warranted by evidence
calibration
the alignment between confidence levels and actual accuracy
epistemic humility
acknowledging the limits of one's own knowledge
hedging
qualifying statements to acknowledge uncertainty
confabulation
producing false information without intent to deceive; filling gaps
hallucination
generating plausible but false or unsupported content