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:
“Won’t this whole instinct matter bear revision?
Won’t almost any theory bear revision?
To err is human, not to, animal.”
—Robert Frost (1874–1963)
“Osteopath—One who argues that all human ills are caused by the pressure of hard bone upon soft tissue. The proof of his theory is to be found in the heads of those who believe it.”
—H.L. (Henry Lewis)
“There could be no fairer destiny for any physical theory than that it should point the way to a more comprehensive theory in which it lives on as a limiting case.”
—Albert Einstein (1879–1955)