I guess markets are functional proportional to their level of certainty with respect to future events. Information is a reduction in uncertainty, so if you are

I guess markets are functional proportional to their level of certainty with respect to future events. Information is a reduction in uncertainty, so if you are missing information you need in order to make pricing decisions because it's at this stage unknown, then you have no rational basis of which to act, but since you still need to act the only way to do so is irrationally. Makes perfect sense to me. TL;DR sometimes markets fail. Also all complex systems are nearly always in a state of partial failure. Economy is no different.