Standard market doctrine requires perfect information. What's the impact of infomation asymmetry? No, it doesn't. This is like saying "physics doesn't work in

Standard market doctrine requires perfect information. What's the impact of infomation asymmetry? No, it doesn't. This is like saying "physics doesn't work in 3D" or "physics doesn't work on non-spherical objects" because Physics 101 textbooks typically use 1-dimensional problems involving spheres to illustrate the concepts. Perfect information is just an assumption made to derive mathematically the simplest possible textbook model that illustrates the concept.