Perfect markets need perfect information and rational players. This doesn't happen in the real world. People buy shiny bloated things and complain later. And th

Perfect markets need perfect information and rational players. This doesn't happen in the real world. People buy shiny bloated things and complain later. And then buy the next shiny bloated thing. Also, in technology, product features move forward much faster than there's time to markets to 'find equilibrium'. So, I guess when smartphones stop advancing in features, people will find more value in those phones that don't have bloatware.