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:
“Lucretius
Sings his great theory of natural origins and of wise conduct; Plato
smiling carves dreams, bright cells
Of incorruptible wax to hive the Greek honey.”
—Robinson Jeffers (1887–1962)
“Thus the theory of description matters most.
It is the theory of the word for those
For whom the word is the making of the world,
The buzzing world and lisping firmament.”
—Wallace Stevens (1879–1955)
“By the “mud-sill” theory it is assumed that labor and education are incompatible; and any practical combination of them impossible. According to that theory, a blind horse upon a tread-mill, is a perfect illustration of what a laborer should be—all the better for being blind, that he could not tread out of place, or kick understandingly.... Free labor insists on universal education.”
—Abraham Lincoln (1809–1865)