This paper defends two related claims about belief. First, the claim that unlike numerical degrees of belief, comparative beliefs are primitive and psychologically real. Second, the claim that the fundamental norm of Probabilism is not that numerical degrees of belief should satisfy the probability axioms, but rather that comparative beliefs should satisfy certain constraints.

The main question of this paper is: how do we manage to know what our own degrees of belief are? Section 1 briefly reviews and criticizes the traditional functionalist view, a view notably associated with David Lewis and sometimes called the theory-theory. I use this criticism to motivate the approach I want to promote. Section 2, the bulk of the paper, examines and begins to develop the view that we have a special kind of introspective access to our degrees of (...) belief. I give an initial assessment of the view by examining its compatibility with leading theories of introspection. And I identify a challenge for the view, and explain why I'm optimistic that the view can overcome it. (shrink)

I argue that believing that p implies having a credence of 1 in p. This is true because the belief that p involves representing p as being the case, representing p as being the case involves not allowing for the possibility of not-p, while having a credence that’s greater than 0 in not-p involves regarding not-p as a possibility.

According to many, to have epistemic justification to believe P is just for it to be epistemically permissible to believe P. Others think it is for believing P to be epistemically good. Yet others think it has to do with being epistemically blameless in believing P. All such views of justification encounter problems. Here, a new view of justification is proposed according to which justification is a kind of composite normative status. The result is a view of justification that offers (...) hope of solving some longstanding epistemological problems. (shrink)

There is a widespread view that in order to be rational we must mostly know what we believe. In the probabilistic tradition this is defended by arguments that a person who failed to have this knowledge would be vulnerable to sure loss, or probabilistically incoherent. I argue that even gross failure to know one's own beliefs need not expose one to sure loss, and does not if we follow a generalization of the standard bridge principle between first-order and second-order beliefs. (...) This makes it possible for a subject to use probabilistic decision theory to manage in a rational way cases of potential failure of this self-knowledge, as we find in implicit bias. Through such cases I argue that it is possible for uncertainty about what our beliefs are to be not only rationally permissible but advantageous. (shrink)

This article documents the history of the Allais paradox, and shows that underneath the many discussions of the various protagonists lay different, irreconcilable epistemological positions. Savage, like his mentor von Neumann and similar to economist Friedman, worked from an epistemology of generalized characterizations. Allais, on the other hand, like economists Samuelson and Baumol, started from an epistemology of exact descriptions in which every axiom was an empirical claim that could be refuted directly by observations. As a result, the two sides (...) failed to find a common ground. Only a few decades later was the now so-called Allais paradox rediscovered as an important precursor when a new behavioural economic subdiscipline started to adopt the epistemology of exact descriptions and its accompanying falsifications of rational choice theory. (shrink)

This paper takes on several distinct but related tasks. First, I present and discuss what I will call the “Ignorance Thesis,” which states that whenever an agent acts from ignorance, whether factual or moral, she is culpable for the act only if she is culpable for the ignorance from which she acts. Second, I offer a counterexample to the Ignorance Thesis, an example that applies most directly to the part I call the “Moral Ignorance Thesis.” Third, I argue for a (...) principle—Don’t Know, Don’t Kill—that supports the view that the purported counterexample actually is a counterexample. Finally, I suggest that my arguments in this direction can supply a novel sort of argument against many instances of killing and eating certain sorts of animals. (shrink)

One of the deepest ideological divides in contemporary epistemology concerns the relative importance of belief versus credence. A prominent consideration in favor of credence-based epistemology is the ease with which it appears to account for rational action. In contrast, cases with risky payoff structures threaten to break the link between rational belief and rational action. This threat poses a challenge to traditional epistemology, which maintains the theoretical prominence of belief. The core problem, we suggest, is that belief may not be (...) enough to register all aspects of a subject’s epistemic position with respect to any given proposition. We claim this problem can be solved by introducing other doxastic attitudes—genuine representations—that differ in strength from belief. The resulting alternative picture, a kind of doxastic states pluralism, retains the central features of traditional epistemology—most saliently, an emphasis on truth as a kind of objective accuracy—while adequately accounting for rational action. (shrink)

There are decision problems where the preferences that seem rational to many people cannot be accommodated within orthodox decision theory in the natural way. In response, a number of alternatives to the orthodoxy have been proposed. In this paper, I offer an argument against those alternatives and in favour of the orthodoxy. I focus on preferences that seem to encode sensitivity to risk. And I focus on the alternative to the orthodoxy proposed by Lara Buchak’s risk-weighted expected utility theory. I (...) will show that the orthodoxy can be made to accommodate all of the preferences that Buchak’s theory can accommodate. (shrink)

People often act in ways that appear incompatible with their sincere assertions. But how might we explain such cases? On the shifting view, subjects’ degrees of belief may be highly sensitive to changes in context. This paper articulates and refines this view, after defending it against recent criticisms. It details two mechanisms by which degrees of beliefs may shift.

This book explores a question central to philosophy--namely, what does it take for a belief to be justified or rational? According to a widespread view, whether one has justification for believing a proposition is determined by how probable that proposition is, given one's evidence. In this book this view is rejected and replaced with another: in order for one to have justification for believing a proposition, one's evidence must normically support it--roughly, one's evidence must make the falsity of that proposition (...) abnormal in the sense of calling for special, independent explanation. This conception of justification bears upon a range of topics in epistemology and beyond. Ultimately, this way of looking at justification guides us to a new, unfamiliar picture of how we should respond to our evidence and manage our own fallibility. This picture is developed here. (shrink)

Abstract:This paper explores the contrast between mentalistic and behaviouristic interpretations of decision theory. The former regards credences and utilities as psychologically real, while the latter regards them as mere representations of an agent's preferences. Philosophers typically adopt the former interpretation, economists the latter. It is argued that the mentalistic interpretation is preferable if our aim is to use decision theory for descriptive purposes, but if our aim is normative then the behaviouristic interpretation cannot be dispensed with.

Subjective probability plays an increasingly important role in many fields concerned with human cognition and behavior. Yet there have been significant criticisms of the idea that probabilities could actually be represented in the mind. This paper presents and elaborates a view of subjective probability as a kind of sampling propensity associated with internally represented generative models. The resulting view answers to some of the most well known criticisms of subjective probability, and is also supported by empirical work in neuroscience and (...) behavioral psychology. The repercussions of the view for how we conceive of many ordinary instances of subjective probability, and how it relates to more traditional conceptions of subjective probability, are discussed in some detail. (shrink)

It is natural to think of precise probabilities as being special cases of imprecise probabilities, the special case being when one’s lower and upper probabilities are equal. I argue, however, that it is better to think of the two models as representing two different aspects of our credences, which are often vague to some degree. I show that by combining the two models into one model, and understanding that model as a model of vague credence, a natural interpretation arises that (...) suggests a hypothesis concerning how we can improve the accuracy of aggregate credences. I present empirical results in support of this hypothesis. I also discuss how this modeling interpretation of imprecise probabilities bears upon a philosophical objection that has been raised against them, the so-called inductive learning problem. (shrink)

Many philosophers have argued that "degree of belief" or "credence" is a more fundamental state grounding belief. Many other philosophers have been skeptical about the notion of "degree of belief", and take belief to be the only meaningful notion in the vicinity. This paper shows that one can take belief to be fundamental, and ground a notion of "degree of belief" in the patterns of belief, assuming that an agent has a collection of beliefs that isn't dominated by some other (...) collection in terms of the overall balance of truth and falsity that it could contain. (shrink)

I investigate whether degreed beliefs are able to play the predictive, explanatory, and modeling roles that they are frequently taken to play. The investigation focuses on evidence—both from sources familiar in epistemology as well as recent work in behavioral economics and cognitive psychology—of variability in agents' apparent degrees of belief. Although such variability has been noticed before, there has been little philosophical discussion of its breadth or of the psychological mechanisms underlying it. Once these are appreciated, the inadequacy of degrees (...) of belief becomes clear. I offer a theoretical alternative to degrees of belief, what I call the filter theory. (shrink)

Four important arguments for probabilism—the Dutch Book, representation theorem, calibration, and gradational accuracy arguments—have a strikingly similar structure. Each begins with a mathematical theorem, a conditional with an existentially quantified consequent, of the general form: if your credences are not probabilities, then there is a way in which your rationality is impugned. Each argument concludes that rationality requires your credences to be probabilities. I contend that each argument is invalid as formulated. In each case there is a mirror-image theorem and (...) a corresponding argument of exactly equal strength that concludes that rationality requires your credences not to be probabilities. Some further consideration is needed to break this symmetry in favour of probabilism. (shrink)

Philosophers typically rely on intuitions when providing a semantics for counterfactual conditionals. However, intuitions regarding counterfactual conditionals are notoriously shaky. The aim of this paper is to provide a principled account of the semantics of counterfactual conditionals. This principled account is provided by what I dub the Royal Rule, a deterministic analogue of the Principal Principle relating chance and credence. The Royal Rule says that an ideal doxastic agent’s initial grade of disbelief in a proposition \(A\) , given that the (...) counterfactual distance in a given context to the closest \(A\) -worlds equals \(n\) , and no further information that is not admissible in this context, should equal \(n\) . Under the two assumptions that the presuppositions of a given context are admissible in this context, and that the theory of deterministic alethic or metaphysical modality is admissible in any context, it follows that the counterfactual distance distribution in a given context has the structure of a ranking function. The basic conditional logic V is shown to be sound and complete with respect to the resulting rank-theoretic semantics of counterfactuals. (shrink)

In this paper, we explore semantics for comparative epistemic modals that avoid the entailment problems shown to result from Kratzer’s (1991) semantics by Yalcin (2006, 2009, 2010). In contrast to the alternative semantics presented by Yalcin and Lassiter (2010, 2011), based on finitely additive probability measures, we introduce semantics based on qualitatively additive measures, as well as semantics based on purely qualitative orderings, including orderings on propositions derived from orderings on worlds in the tradition of Kratzer (1991). All of these (...) semantics avoid the entailment problems that result from Kratzer’s semantics. Our discussion focuses on methodological issues concerning the choice between different semantics. (shrink)

Belief revision theory studies how an ideal doxastic agent should revise her beliefs when she receives new information. In part I, I have first presented the AGM theory of belief revision. Then I have focused on the problem of iterated belief revisions. In part II, I will first present ranking theory (Spohn 1988). Then I will show how it solves the problem of iterated belief revisions. I will conclude by sketching two areas of future research.

Just as we can be more or less certain about empirical matters, we can be more or less certain about normative matters. Recently, it has been argued that this is a challenge for noncognitivism about normativity. Michael Smith presented the challenge in a 2002 paper and James Lenman and Michael Ridge responded independently. Andrew Sepielli has now joined the rescue operation. His basic idea is that noncognitivists should employ the notion of being for to account for normative certitude. We shall (...) argue that the being for account of normative certitude is vulnerable to many problems shared by other noncognitivist theories. Furthermore, we shall argue that Sepielli’s account has its own problems: His favored normalization procedure for degrees of being for has highly problematic implications. (shrink)

Expected accuracy arguments have been used by several authors (Leitgeb and Pettigrew, and Greaves and Wallace) to support the diachronic principle of conditionalization, in updates where there are only finitely many possible propositions to learn. I show that these arguments can be extended to infinite cases, giving an argument not just for conditionalization but also for principles known as ‘conglomerability’ and ‘reflection’. This shows that the expected accuracy approach is stronger than has been realized. I also argue that we should (...) be careful to distinguish diachronic update principles from related synchronic principles for conditional probability. (shrink)

This paper argues for two theses: that degrees of belief are context sensitive; that outright belief is belief to degree 1. The latter thesis is rejected quickly in most discussions of the relationship between credence and belief, but the former thesis undermines the usual reasons for doing so. Furthermore, identifying belief with credence 1 allows nice solutions to a number of problems for the most widely-held view of the relationship between credence and belief, the threshold view. I provide a sketch (...) of a formal framework on which both theses are true. This is a modified Bayesian framework; I argue that despite making credences context-sensitive, the framework lets Bayesians hold on to their signature explanatory successes. The sort of context-sensitivity claimed for credences here mirrors the sort of context-sensitivity I have elsewhere claimed for outright belief: one's credences depend, in part, on the space of alternative possibilities one takes seriously in a context. (shrink)

The paper’s target is the historically influential betting interpretation of subjective probabilities due to Ramsey and de Finetti. While there are several classical and well-known objections to this interpretation, the paper focuses on just one fundamental problem: There is a sense in which degrees of belief cannot be interpreted as betting rates. The reasons differ in different cases, but there’s one crucial feature that all these cases have in common: The agent’s degree of belief in a proposition A does not (...) coincide with her degree of belief in a conditional that A would be the case if she were to bet on A, where the belief in this conditional itself is conditioned on the supposition that the agent will have an opportunity to make such a bet. Even though the two degrees of belief sometimes can coincide (they will coincide in those cases when the bet has no expected causal bearings on the proposition A and the opportunity to bet have no evidential bearings on that proposition), it is the latter belief rather than the former that guides the agent’s rational betting behaviour. The reason is that this latter belief takes into consideration potential interferences that bet opportunities and betting itself might create with regard to the proposition to be betted on. It is because of this interference problem that the agent’s degree of belief in A cannot be interpreted as her betting rate for A. (shrink)

We argue that indeterminate probabilities are not only rationally permissible for a Bayesian agent, but they may even be rationally required . Our first argument begins by assuming a version of interpretivism: your mental state is the set of probability and utility functions that rationalize your behavioral dispositions as well as possible. This set may consist of multiple probability functions. Then according to interpretivism, this makes it the case that your credal state is indeterminate. Our second argument begins with our (...) describing a world that plausibly has indeterminate chances. Rationality requires a certain alignment of your credences with corresponding hypotheses about the chances. Thus, if you hypothesize the chances to be indeterminate, your will inherit their indeterminacy in your corresponding credences. Our third argument is motivated by a dilemma. Epistemic rationality requires you to stay open-minded about contingent matters about which your evidence has not definitively legislated. Practical rationality requires you to be able to act decisively at least sometimes. These requirements can conflict with each other-for thanks to your open-mindedness, some of your options may have undefined expected utility, and if you are choosing among them, decision theory has no advice to give you. Such an option is playing Nover and Hájek’s Pasadena Game , and indeed any option for which there is a positive probability of playing the Pasadena Game. You can serve both masters, epistemic rationality and practical rationality, with an indeterminate credence to the prospect of playing the Pasadena game. You serve epistemic rationality by making your upper probability positive-it ensures that you are open-minded. You serve practical rationality by making your lower probability 0-it provides guidance to your decision-making. No sharp credence could do both. (shrink)

This paper addresses the question of whether gathering additional evidence is always rationally required, both from the point of view of instrumental rationality and of epistemic rationality. It is shown that in certain situations, it is not instrumentally rational to look for more evidence before making a decision. These are situations in which the risk of “misleading” evidence – a concept that has both instrumental and epistemic senses – is not offset by the gains from the possibility of non-misleading evidence. (...) These situations also undermine a particular argument for the claim that it is epistemically rational to look for more evidence, though it is argued that the relationship between instrumental and epistemic rationality makes such arguments flawed to begin with. Furthermore, these situations show us that our epistemic and our practical goals sometimes point us in different directions, not merely because of our limited resources or because our desires are sometimes best served by being in particular epistemic states, but because of the nature of rational action. (shrink)

‘Bayesian epistemology’ became an epistemological movement in the 20th century, though its two main features can be traced back to the eponymous Reverend Thomas Bayes (c. 1701-61). Those two features are: (1) the introduction of a formal apparatus for inductive logic; (2) the introduction of a pragmatic self-defeat test (as illustrated by Dutch Book Arguments) for epistemic rationality as a way of extending the justification of the laws of deductive logic to include a justification for the laws of inductive logic. (...) The formal apparatus itself has two main elements: the use of the laws of probability as coherence constraints on rational degrees of belief (or degrees of confidence) and the introduction of a rule of probabilistic inference, a rule or principle of conditionalization. (shrink)

Representation theorems are often taken to provide the foundations for decision theory. First, they are taken to characterize degrees of belief and utilities. Second, they are taken to justify two fundamental rules of rationality: that we should have probabilistic degrees of belief and that we should act as expected utility maximizers. We argue that representation theorems cannot serve either of these foundational purposes, and that recent attempts to defend the foundational importance of representation theorems are unsuccessful. As a result, we (...) should reject these claims, and lay the foundations of decision theory on firmer ground. (shrink)

Various theories try to give accounts of how measures of this confidence do or ought to behave, both as far as the internal mental consistency of the agent as ...

Degrees of belief are familiar to all of us. Our confidence in the truth of some propositions is higher than our confidence in the truth of other propositions. We are pretty confident that our computers will boot when we push their power button, but we are much more confident that the sun will rise tomorrow. Degrees of belief formally represent the strength with which we believe the truth of various propositions. The higher an agent’s degree of belief for a particular (...) proposition, the higher her confidence in the truth of that proposition. For instance, Sophia’s degree of belief that it will be sunny in Vienna tomorrow might be .52, whereas her degree of belief that the train will leave on time might be .23. The precise meaning of these statements depends, of course, on the underlying theory of degrees of belief. These theories offer a formal tool to measure degrees of belief, to investigate the relations between various degrees of belief in different propositions, and to normatively evaluate degrees of belief. (shrink)

The paper provides an argument for the thesis that an agent’s degrees of disbelief should obey the ranking calculus. This Consistency Argument is based on the Consistency Theorem. The latter says that an agent’s belief set is and will always be consistent and deductively closed iff her degrees of entrenchment satisfy the ranking axioms and are updated according to the ranktheoretic update rules.

My dissertation is about Bayesian rationality for non-ideal agents. I show how to derive subjective probabilities from preferences using much weaker rationality assumptions than other standard representation theorems. I argue that non-ideal agents might be uncertain about how they will update on new information and consider two consequences of this uncertainty: such agents should sometimes reject free information and make choices which, taken together, yield sure loss. The upshot is that Bayesian rationality for non-ideal agents makes very different normative demands (...) than ideal Bayesian rationality. (shrink)

Imprecise probabilities are often modelled with representors, or sets of probability functions. In the recent literature, two ways of interpreting representors have emerged as especially prominent: vagueness interpretations, according to which each probability function in the set represents how the agent's beliefs would be if any vagueness were precisified away; and comparativist interpretations, according to which the set represents those comparative confidence relations that are common to all probability functions therein. I argue that these interpretations have some important limitations. I (...) also propose an alternative—the functional interpretation—according to which representors are best interpreted by reference to the roles they play in the theories that make use of them. (shrink)

Credences are similar to levels of confidence, represented as a value on the [0,1] interval. This chapter sheds light on questions about credence, including its relationship to full belief, with an eye toward the empirical relevance of credence. First, I’ll provide a brief epistemological history of credence and lay out some of the main theories of the nature of credence. Then, I’ll provide an overview of the main views on how credences relate to full beliefs. Finally, I’ll turn to the (...) empirical, and suggest some ways that cognitive science does and could answer questions about credence, such as what credences one has, how credences relate to beliefs, and the extent to which we can control our credences. (shrink)

Perceptual Confidence is the thesis that perceptual experiences can be probabilistic. This thesis has been defended and criticised based on a variety of phenomenological, epistemological, and explanatory arguments. One gap in these arguments is that they neglect the question of whether perceptual experiences satisfy the formal conditions that define the notion of probability to which Perceptual Confidence is committed. Here, we focus on this underexplored question and argue that perceptual experiences do not satisfy such conditions. But if they do not, (...) then ascriptions of perceptual confidence are undefined; and so, Perceptual Confidence cannot be true. (shrink)

How do we ascribe subjective probability? In decision theory, this question is often addressed by representation theorems, going back to Ramsey (1926), which tell us how to define or measure subjective probability by observable preferences. However, standard representation theorems make strong rationality assumptions, in particular expected utility maximization. How do we ascribe subjective probability to agents which do not satisfy these strong rationality assumptions? I present a representation theorem with weak rationality assumptions which can be used to define or measure (...) subjective probability for partly irrational agents. (shrink)

Our doxastic states are our belief-like states, and these include outright doxastic states and degreed doxastic states. The former include believing that p, having the opinion that p, thinking that p, being sure that p, being certain that p, and doubting that p. The latter include degrees of confidence, credences, and perhaps some phenomenal states. But we also have conviction (being convinced simpliciter that p) and degrees of conviction (being more or less convinced that p). This volume shows: how and (...) why all of the outright doxastic states mentioned above can be reduced to conviction thresholds; what degrees of conviction fundamentally are (degreed reliance-dispositions); why degrees of conviction are not credences; when suspending a belief is compatible with continuing to believe; and the surprising extent to which Kant endorsed the theory of conviction that emerges in this volume. (shrink)

I defend the thesis that legal standards of proof are reducible to thresholds of probability. Many have rejected this thesis because it seems to entail that defendants can be found liable solely on the basis of statistical evidence. I argue that this inference is invalid. I do so by developing a view, called Legal Causalism, that combines Thomson's (1986) causal analysis of evidence with recent work in formal theories of causal inference. On this view, legal standards of proof can be (...) reduced to probabilities, but deriving these probabilities involves more than just statistics. (shrink)

It is often claimed that credences are not reducible to ordinary beliefs about probabilities. Such a reduction appears to be decisively ruled out by certain sorts of triviality results–analogous to those often discussed in the literature on conditionals. I show why these results do not, in fact, rule out the view. They merely give us a constraint on what such a reduction could look like. In particular they show that there is no single proposition belief in which suffices for having (...) a particular credence, regardless of one’s evidence. But if we allow such propositions to vary with evidence–as we should–then the results do not rule out a reduction. So, at least on this count, credences might very well just be beliefs about probabilities. (shrink)

The notion of belief appears frequently in cognitive science. Yet it has resisted definition of the sort that could clarify inquiry. How then might a cognitive science of belief proceed? Here we propose a form of pluralism about believing. According to this view, there are importantly different ways to "believe" an idea. These distinct psychological kinds occur within a multi-dimensional property space, with different property clusters within that space constituting distinct varieties of believing. We propose that discovering such property clusters (...) is empirically tractable, and that this approach can help sidestep merely verbal disputes about what constitutes “belief.”. (shrink)

This paper provides an exposition and defence of Lewis' theory of radical interpretation. The first part explains what Lewis' theory was; the second part explains what it wasn't, and in so doing addresses a number of common objections that arise as a result of widespread myths and misunderstandings about how Lewis' theory is supposed to work.

According to many philosophers, rationality is, at least in part, a matter of one’s attitudes cohering with one another. Theorists who endorse this idea have devoted much attention to formulating various coherence requirements. Surprisingly, they have said very little about what it takes for a set of attitudes to be coherent in general. We articulate and defend a general account on which a set of attitudes is coherent just in case and because it is logically possible for the attitudes to (...) be jointly satisfied in the sense of jointly fitting the world. In addition, we show how the account can help adjudicate debates about how to formulate various rational requirements. (shrink)

This is a three-part exchange on the relationship between belief and credence. It begins with an opening essay by Roger Clarke that argues for the claim that the notion of credence generalizes the notion of belief. Julia Staffel argues in her reply that we need to distinguish between mental states and models representing them, and that this helps us explain what it could mean that belief is a special case of credence. Roger Clarke's final essay reflects on the compatibility of (...) the previously discussed views with dualist and monist interpretations of our mental states and our ways of modeling them. (shrink)

Philosophy and Phenomenological Research, Volume 104, Issue 2, Page 343-363, March 2022.

At the centenary of Frank H. Knight’s Risk, Uncertainty, and Profit, we explore the continuing relevance of Knightian uncertainty to the theory and practice of entrepreneurship. There are three challenges facing such assessment. First, RUP is complex and difficult to interpret. The key but neglected element of RUP is that Knight’s account is not solely about risk and uncertainty as states of nature, but about how an agent’s beliefs about uncertain outcomes and confidence in those beliefs guide their choices. Second, (...) RUP is Knight’s only effort in this area. His subsequent career led elsewhere, so he did not engage with subsequent interpretations of this work. Third, much of the current literature emphasizes that decisions must be different under the two states of nature with a consequent misunderstanding of entrepreneurial agency. This paper addresses each challenge in sequence. First, we explicate Knight’s approach and explain why that approach is murky. Second, as a complement to Knight’s interpretation, we examine Frank P. Ramsey’s approach to subjective probabilities to help clarify Knight’s murky approach. What links Knight and Ramsey is a shared pragmatism about entrepreneurial agency under uncertainty that depends upon the beliefs about, and confidence in, their judgments of possible outcomes. This Knight-Ramsey approach does not require actor’s behaviors to be determined by the class of uncertain environment they face. We focus on the response by the entrepreneur to the existence of uncertainty in all its forms. We argue that this reductive account provides a foundation to examine common problems in management, including managerial hubris, the interaction between entrepreneurs and venture capitalists, and the need for experimentation in advance of new product and venture launches. Third, we critique current literature that favors epistemic purism about the ontology of risk and uncertainty and ignores Knight-Ramsey pragmatism in meeting uncertainty, such as using formal and informal institutions for uncertainty mitigation. Our account locates Frank Knight’s subtleties in entrepreneurial behavior firmly in the literature on entrepreneurial agency a century later. (shrink)