{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

econ434notes6a

econ434notes6a - dice or cards or fuzzy[actuarial risk –...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Richard Cantillon 1. Entrepreneur – what do they do? a. Innovate i. Better technology ii. New products iii. Take risks b. Risk and uncertainty i. Risk is less important than uncertainty in generating profits for the entrepreneur per Frank Knight, Risk, Uncertainty, and Profit . 1. Risk involves known mathematical probabilities [e.g.,
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: dice or cards, or fuzzy [actuarial] risk – things for which we have some notion of historical occurrence. 2. Future events range from things about which we are reasonably certain to virtual wild guesses. 2. Subjective theory of price (demand side theory)...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern