This paper revisits and fine-tunes a spin-off from Knight's (1921, Risk, Uncertainty and Profit) influential distinction between risk (‘probability of unknown events’) and uncertainty (‘unquantifiable randomness’): the contrast between actuarial institutions and entrepreneurship. It contends that this opposition is not exclusive and argues that the act of insurance does not automatically reduce entrepreneurial profits. To maintain this claim, the paper emphasizes hedging and, more specifically, draws on an innovative actuarial scheme – parametric (or index-based) insurance – which, unlike indemnity-based insurance, does not rely on a damage assessment but indemnifies the policyholder according to the variation of an index. This argument sheds new light on the function habitually assigned to actuarial institutions, amends the theory of entrepreneurial profits, and integrates hedging within entrepreneurial judgment.

中文翻译：

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对自己下注：整合保险和创业

本文重新审视并微调了 Knight (1921, Risk, Uncertainty and Profit) 对风险（“未知事件的概率”）和不确定性（“不可量化的随机性”）之间有影响的区分：精算机构和企业家精神之间的对比. 它认为这种反对不是排他性的，并认为保险行为不会自动减少企业利润。为了维持这一主张，本文强调了对冲，更具体地说，采用了一种创新的精算方案——参数（或基于指数）的保险——与基于赔偿的保险不同，该保险不依赖于损害评估，而是根据投保人进行赔偿指数的变化。这一论点为习惯性分配给精算机构的职能提供了新的启示，