Becker Friedman Institute
for Research in Economics
The University of Chicago

Research. Insights. Impact. Advancing the Legacy of Chicago Economics.

Uncertainty Outside and Inside Economic Models (Nobel Lecture)

July 2014
Lars Peter Hansen

We must infer what the future situation would be without our interference, and what changes will be wrought by our actions. Fortunately, or unfortunately, none of these processes is infallible, or indeed ever accurate and complete. Knight (1921)

 

Publication Type: 
Article
Journal: 
Journal of Political Economy
Volume: 
122
Issue Number: 
5
Pages: 
945-987