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Knight’s risk/uncertainty distinction is reviewed in its original context as a contribution to the theory of profit. Knight’s approach to probability is paralleled by Ludwig von Mises, as emphasised by recent developments in strategic entrepreneurship theory. Von Mises distinguishes between class probability (i.e., risk) and case probability (i.e., uncertainty) in contrast to the frequentist approach of his brother, Richard von Mises. Keynes’s contribution to probability and uncertainty is reviewed, focusing on his logical theory of probability in A Treatise on Probability which he more fully contextualised subsequently in the General Theory. Keynes’s fragmentary later philosophical writings are reviewed to provide some insight into the contextual issues encountered. The key contributions of Knight and Keynes are summarised as signposts for ‘The Road Less Travelled’. The possibilities of a Keynesian-Knightian synthesis as a way forward are considered by comparing these signposts. However, it is concluded that, although there is some common ground between Knight and Keynes, there are fundamental differences particularly associated with the definition of confidence that preclude any meaningful synthesis. [ABSTRACT FROM AUTHOR]

The resource-based view explains sustainable competitive advantage as the consequence of an organization's endowment of unique and imperfectly replicable resources. Superior organizational performance, however, depends not only on the organization's resource endowment but also on the efficiency with which the resource endowment is used. In this article a resource-utilization model of a professional sports team is developed in which teams optimize the stock of athletic resources (i.e., playing talent), subject to ownership preferences, over sporting and financial performance. The resource-utilization model is used to analyze the factors influencing the team's current endowment of athletic resources and evaluate the efficiency with which teams utilize both their athletic and allegiance (i.e., fan base) resources to achieve sporting and financial targets. Empirical evidence is presented on the sporting and financial performance of English professional soccer teams in the FA Premier League over the period 1998-2002. It was found that the financial performance of teams is significantly affected by their ownership status. [ABSTRACT FROM AUTHOR]

Unlike most major U.S. sport teams, it is common for professional soccer clubs around the world to trade players for cash. This article develops a model of the player-transfer market in soccer in which observed transfer fees are determined by player characteristics, selling-club characteristics, buying-club characteristics, and time effects. The model is based on data on 1.350 transfer fees in English professional soccer from June 1990 to August 1996. The estimated model is used to investigate the raze of inflation in transfer fees. En addition, the determination of transfer fees is considered within different segments of the transfer market. It is found that the determination of transfer fees differs markedly among segments. [ABSTRACT FROM AUTHOR]

The dominant paradigm in economics views economic behavior as allocative activity in a neutral, C-M-Cʹ economy. As a consequence, money is treated as a veil that is inessential to the real functioning of the economic system. This paper argues that one of Keynes's fundamental insights is the significance of the monetary context of economic behavior. This insight has been developed by the post-Keynesian theory of money as a "time-machine vehicle" that provides the causal link between uncertainty and unemployment. The Circuitist theory of money as the means of final payment provides a complementary radical perspective on the significance of the monetary context. This paper investigates the methodological and theoretical implications of these radical monetary theories and assesses their contribution towards the development of a general theory of a monetary production, M-C-Mʹ economy. [ABSTRACT FROM AUTHOR]

Reports on the results of a survey of the attitudes of private sector firms in several historic cities in Great Britain. Determination of the perceptions of business decisionmakers about current transport conditions in each city; Examination of how business decisionmakers expect hypothetical traffic-demand management policies to affect the city; Investigation of the possible effects of the policies on the location decisions of firms.

Focuses on a formal model of the determination of the transfer fees paid by football clubs when players are traded for cash. Use of the team performance-club profit framework; Argument that transfer fees can involve monopoly rents; Testing whether buying-club characteristics are jointly significant determinants of transfer fees.

Mainstream theories of decision making conceptualise uncertainty in terms of a well-defined probability distribution or weighting function. Following Knight, radical Keynesians consider subjective expected utility (SEU) theory and its variants as a restricted theory of decisionmaking applicable to situations of risk and, hence, of limited relevance to the understanding of crucial economic decisions under conditions of fundamental uncertainty in which probabilities are ill-defined, possibly non-existent. The objective of this paper is to outline a radical Keynesian theory of decision-making under uncertainty, arguing that Keynes's suggestion to a two-dimensional probability-credence framework provides the basis for determining the limitations of mainstream approaches and points the way forward to the construction of a more general encompassing theory relevant to psychologists and economists outside of the Keynesian tradition. [ABSTRACT FROM AUTHOR]

ARTICLES in the last two issues of In Practice have traced the origins of the Internet and looked at some of the veterinary websites that have been developed. In the final article of this series, Dr Bill Gerrard explores the attitudes of UK veterinarians towards the Internet and discusses what the future may hold. [ABSTRACT FROM PUBLISHER]

AS described in the last issue (September 1998, pp 463-465), the Internet has grown from a simple communication and data exchange medium to an integral part of today's society. It offers a variety of services to veterinarians, ranging from information sources and discussion groups, to practice advertising and access to expert clinical opinion. In the second of three articles, Dr Bill Gerrard considers how veterinary practitioners have adapted to using the Internet in their everyday working lives, and discusses some of the tools and services that are currently at their disposal. [ABSTRACT FROM PUBLISHER]

Outlines the development of professional team sports and analyzes the changing relationship between fans and their teams. Origins of professional team sports; Discussion on team sports as a regulated and free-market commodity.

THE applications and benefits of information technology in veterinary practice have been explored in various editions of in recent times. This article adds a note of caution. Regular internet users will be well aware of how time-consuming internet surfing can be. It seems that this and other forms of internet abuse are on the increase in businesses generally, and it is as well, argues Bill Gerrard, that veterinary practices keep one eye on some of the dangers that exist. [ABSTRACT FROM PUBLISHER]

TODAY'S newly qualified vets have been educated and trained in an educational environment that is vastly different from the one that many practising vets remember. The main difference lies in the widespread application of information technology (IT) and associated computer-assisted learning packages within veterinary courses. In this article, Bill Gerrard explains how technology is being used in general undergraduate education, how this may influence the IT expectations of new graduates and what the knock-on effects on veterinary practices might be. [ABSTRACT FROM PUBLISHER]

THE Internet is a multimedia communications network which spans 100 nations across the globe and incorporates 61,000 individual computer networks. Currently undergoing explosive growth, the Internet is expected to reach an audience of 100 million by the end of this year. Clearly, given the level of usage, the possibilities for commerce are vast and the veterinary profession, as a collection of small businesses, stands to gain from what the Internet has to offer. In a series of three articles, Dr Bill Gerrard looks at how veterinary practitioners have adapted to using the Internet in their everyday working lives and reviews the tools and services that it offers. Here, by way of introduction, he traces the remarkable history and development of the Net. [ABSTRACT FROM PUBLISHER]