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:
“Hygiene is the corruption of medicine by morality. It is impossible to find a hygienest who does not debase his theory of the healthful with a theory of the virtuous.... The true aim of medicine is not to make men virtuous; it is to safeguard and rescue them from the consequences of their vices.”
—H.L. (Henry Lewis)
“There is in him, hidden deep-down, a great instinctive artist, and hence the makings of an aristocrat. In his muddled way, held back by the manacles of his race and time, and his steps made uncertain by a guiding theory which too often eludes his own comprehension, he yet manages to produce works of unquestionable beauty and authority, and to interpret life in a manner that is poignant and illuminating.”
—H.L. (Henry Lewis)
“We have our little theory on all human and divine things. Poetry, the workings of genius itself, which, in all times, with one or another meaning, has been called Inspiration, and held to be mysterious and inscrutable, is no longer without its scientific exposition. The building of the lofty rhyme is like any other masonry or bricklaying: we have theories of its rise, height, decline and fall—which latter, it would seem, is now near, among all people.”
—Thomas Carlyle (1795–1881)