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:
“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)
“... liberal intellectuals ... tend to have a classical theory of politics, in which the state has a monopoly of power; hoping that those in positions of authority may prove to be enlightened men, wielding power justly, they are natural, if cautious, allies of the “establishment.””
—Susan Sontag (b. 1933)
“Psychotherapy—The theory that the patient will probably get well anyway, and is certainly a damned ijjit.”
—H.L. (Henry Lewis)