 A third aspect of financial models concerns the way they incorporate uncertainty (Bertolotti &amp; Magnani 2017). Some of the problems of contemporary financial (and macroeconomic) models are due to the way they model uncertainty as risk, as outlined above (Frydman &amp; Goldberg 2013). Both neo-classical models and behavioral economics capture uncertainty as probabilistic uncertainty, consequently ignoring Knightian uncertainty (Knight 1921 see also  decision theory).  The philosophy of science literature that pertains to financial economics is, however, still fairly small.