Knightian uncertainty is uncertainty where probabilities can't even be applied. I'm not convinced it exists. Some people seem to think free will is rescued by it; that the human mind could be unpredictable even in theory, and this somehow means it's "you" "making choices". This seems like deep confusion to me, and so I'm probably not expressing their position correctly.
Reductionism could be consistent with that, though, if you explained the mind's workings in terms of the simplest Knightian atomic thingies you could.
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Again, I'm not a good choice for an explainer of this stuff, but you could try http://www.scottaaronson.com/blog/?p=1438
Thanks! I'll have a read through this.