A certain number of cases suggest that our willingness to ascribe “knowledge” can be influenced by practical factors. For revisionary proposals, they indicate that the truth‐values of “knowledge” ascriptions vary with practical factors. For conservative proposals, on the contrary, nothing surprising is happening. Standard pragmatic approaches appeal to pragmatic implicatures and psychological approaches to the idea that belief formation is influenced by practical factors. Conservative proposals have not yet offered a fully satisfactory explanation, though. In this article, I introduce and defend a third conservative proposal which I call “Refined Invariantism”. The two main claims of this proposal are that (1) we should distinguish between ...