Jousting with the Knightian knights: Uncertainty and entrepreneurship

Artir's avatarNintil

On the one side, Sir Entrepreneur of Northkirznerland. On the other, Sir Ardee of the Order of the Knightian Knights, Master of the Uncertain. Which gallant contender will win in this duel? In the past, Sir Entrepreneur has defeated Sir Ardee’s younger brother, Sir Risk of Martingale. It turned out if you studied his past jousting activities you could predict his moves, and thus win. However, doing this with Sir Ardee has proven impossible, and thus he is a fearsome fellow.

Days before the jousting commences, Sir Entrepreneur has been studying some writings by Lord Knight, Ardee’s Master and in one of them we can read:

Uncertainty must be taken in a sense radically distinct from the familiar notion of Risk, from which it has never been properly separated…. The essential fact is that ‘risk’ means in some cases a quantity susceptible of measurement, while at other times it is something distinctly not of…

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