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)

© 2017. The American Astronomical Society. All rights reserved.We present new observations of the low-mass companion to HD 984 taken with the Gemini Planet Imager as a part of the GPI Exoplanet Survey campaign. Images of HD 984 B were obtained in the J and H bands. Combined with archival epochs from 2012 and 2014, we fit the first orbit to the companion to find an 18 au orbit with a 68% confidence interval between 14 and 28 au, an eccentricity (...) of 0.18 with a 68% confidence interval between 0.05 and 0.47, and an inclination of 119°with a 68% confidence interval between 114°and 125°. To address the considerable spectral covariance in both spectra, we present a method of splitting the spectra into low and high frequencies to analyze the spectral structure at different spatial frequencies with the proper spectral noise correlation. Using the split spectra, we compare them to known spectral types using field brown dwarf and low-mass star spectra and find a best-fit match of a field gravity M6.5 ±1.5 spectral type with a corresponding temperature of K. Photometry of the companion yields a luminosity of log=2.88 ± 0.07 dex with DUSTY models. Mass estimates, again from DUSTY models, find an age-dependent mass of 34 ±1 to 95 ±4 M Jup. These results are consistent with previous measurements of the object. (shrink)

Let us begin with a piece of intellectual history. The story begins in a period encapsulating the second world war – say the ‘40’s, give and take a bit. Around then, it began to be argued with force that an expression – e.g., an English one – while it well might mean something, does not say anything, and notably no one thing in particular. The principal behind the argument was surely J.L. Austin, though, I would claim, the same point was (...) argued in a somewhat different way by Wittgenstein. The intended point was not merely a grammatical one: we say of an expression that it means such and such, but not that it says such and such. Be that as it may, the main point was quite substantive: typically, an English expression is such that, with its meaning fixed, there are a variety of distinct things to be said in using it on some production of it or other. (shrink)

Philosophers have had an interest in language from the earliest times but the twentieth century, with its so-called 'linguistic turn' in philosophy, has seen a huge expansion of work focused specifically on language and its foundations. No branch of philosophy has been unaffected by this shift of emphasis. It is timely at the end of the century to review and assess the vast range of issues that have been developed and debated in this central area. The distinguished international contributors present (...) a clear, accessible guide to the fundamental questions raised by the philosophers about language. Contributions include Graeme Forbes on necessity, Susan Haack on deviant logics, Paul Horwich on truth, Charles Travis on Wittgenstein, L.J. Cohen on linguistic philosophy, Ruth Kempson on semantics and syntax and Christopher Hookway on ontology, to name but a few. A wide range of topics are covered from the metaphysics and ontology of language, language and mind, truth and meaning, to theories or reference, speech act theory, philosophy of logic and formal semantics. There are also articles on key figures from the twentieth century and earlier. Based on the foundation provided by the award-winning Encyclopedia of Language and Linguistics this single volume provides a collection of articles that will be an invaluable reference tool for all those interested in the area of philosophy of language, and also to those in cognitive science and psychology. All the articles have been thoroughly revised and updated. This volume gives a unique survey of topics that are at the very core of contemporary philosophy. (shrink)

In their "traite de l'argumentation" perelman olbrechts indicate five factors contributing to the forces of arguments. the present paper is an analysis of each of these five factors taken in isolation; it indicates directions for operationalization of these factors. it stresses moreover that this multidimensional concept if it is to be used must lead to a weighted function of the five variables in order to be able to use the concept of "force of an argument." the absence of this weighted (...) function in po is deplored and it is argued that no theory of argumentation, even if it decides to remain completely descriptive, can be developed without definition of this weighted function. (shrink)

The projection postulate, which prescribes “collapse of the state vector” upon measurement, is not an essential part of quantum mechanics. Rather it is only an optional discarding of certain branches of the state vector that are expected to be irrelevant for the purpose at hand. However, its use is hazardous, and there are examples of repeated measurements for which the conventional application of the projection postulate leads to incorrect results.

The attempt to derive (rather than assume) the statistical postulate of quantum theory from the many-universes interpretation of Everett and De Witt is analyzed The many-universes interpretation is found to be neither necessary nor sufficient for the task.