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:
“The struggle for existence holds as much in the intellectual as in the physical world. A theory is a species of thinking, and its right to exist is coextensive with its power of resisting extinction by its rivals.”
—Thomas Henry Huxley (1825–95)
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—Tom Wolfe (b. 1931)
“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)