If we accept Cohen's definition, then as a corollary to the tenuity (accuracy) continuum defining the various degrees of the firm, we can imagine a monitoring input continuum or a marginal product of monitoring continuum (Figure 1).
Our argument is in no way impaired, except that there would then be jumps from one point on our tenuity scale to another point, instead of a gradual movement along the scale.
We believe that the monitoring input or the alternative, the tenuity concept between mode of remuneration and "what" is exchanged, is more basic and more in line with the existing transaction cost/property rights paradigm (Cohen/Williamson).
In other words, using our framework above, the presence of risk increases the tenuity (inaccuracy) existing between remuneration and "good" exchanged, but risk does not replace tenuity (which arises from interaction of various factors, with risk being just one of them) as the essential feature of the firm.
Cohen postulated that the accuracy or tenuity of remuneration between factor reward and factor exchange constitutes the essential nature and characteristic of a firm.
See Kroll, "Seduction Songs of One of the Perfected," in Religions of China in Practice, 180-87; "The Light of Heaven in Medieval Taoist Verse," Journal of Chinese Religions 27 (1999): 1-12: "The Divine Songs of the Lady of Purple Tenuity," in Studies in Early Medieval Chinese Literature and Cultural History.
His preceptress was Lady Wang of Purple Tenuity, but some of the teachings connected with him in his biography are at variance with standard Shangqing teachings.
The tenuity of things" chimes with and is intensified by "the fortuity of things" (351).
In heath, duneland, savanna, all treeless spaces, the immersing sense of waiting, the unfathomable lassitude, the purling, the quick tenuity of things.
From these and other similar sources we may conclude: (i) Taiyi, "Supreme One" is the supreme spiritual power residing at the center of the Palace of Purple Tenuity at the pole and is identifiable with the Tao.
Taiwei" here is a reference to the Celestial Court, Taiweiyuan, between Leo and Virgo; Zigong refers to Ziweiyuan, the Palace of Purple Tenuity at the pole already referred to above.