ABSTRACT
Students of the firm and the schools of business administration and organization are paying growing attention to the phenomenon of uncertainty. But widespread conceptual ambiguities persist, in particular the identification of uncertainty with known probability distributions that, as such, express probabilistic certainty.2 On the other side, many students who emphasize the distinction between risk and uncertainty3 have unanimously drawn, from the fact that uncertainty cannot be represented by definition through known distributions of probability, the conclusion that it cannot be measured at all. It is true that heterodox economists4 do emphasize the limits of knowledge, radical uncertainty and the associated notion of bounded rationality, but, for the most part, they persist in considering uncertainty as a sort of vague atmosphere permeating reality that is impossible to overlook but also impossible to measure.
