Theory
Oliver Williamson is credited with the development of the term "information impactedness", which applies in situations where it is difficult to ascertain what the costs to information are. This condition exists
"...mainly because of uncertainty and opportunism, though bounded rationality is involved as well. It exists when true underlying circumstances relevant to the transaction, or related set of transactions, are known to one or more parties but cannot be costlessly discerned by or displayed for others." —Markets and HierarchiesRead more about this topic: Oliver E. Williamson
Famous quotes containing the word theory:
“Don’t confuse hypothesis and theory. The former is a possible explanation; the latter, the correct one. The establishment of theory is the very purpose of science.”
—Martin H. Fischer (1879–1962)
“Psychotherapy—The theory that the patient will probably get well anyway, and is certainly a damned ijjit.”
—H.L. (Henry Lewis)
“It makes no sense to say what the objects of a theory are,
beyond saying how to interpret or reinterpret that theory in another.”
—Willard Van Orman Quine (b. 1908)