Housing finance, fair lending, and fair credit reporting rules the US induce widespread reliance on credit bureau scores by originators of residential mortgages and consumer loans. Reliance on scores that issuers cannot control -- but can disclose to investors -- has helped raise loans...

Frank Knight distinguished between 'uncertainty' and 'risk' to specify the true nature of 'profit’, but his specification never caught on and I do not see realistic possibilities for renewing research in this direction. Using uncertainty to analyze the organization and conduct of contemporary...

Frank Knight distinguished between 'uncertainty' and 'risk' to specify the true nature of 'profit’, but his specification never caught on and I do not see realistic possibilities for renewing research in this direction. Knight also used uncertainty to specify the distinctive role of the...

Subjective uncertainty helps explain features of entrepreneurial activity that fall outside the scope of models that focus on information asymmetries and misaligned incentives. Uncertainty, construed simply as missing information, can lead to unintended misjudgments. Efforts to control...

Rules that restrict information required in negotiated private transactions have spurred a vast increase in the scope of anonymous financial markets, particularly in the US. The subtle costs of the information restricting rules raise questions about the social value of “completing” anonymous...