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Calling this a "market inefficiency" is silly, however. People that invest the time and effort to do more research deserve to get better deals. That's not inefficiency, it's meritocracy.
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This is just definitional and not particularly interesting, and I'm definitely veering into territory I'm largely unfamiliar with so there's a good chance I'm way off, but isn't this situation in fact a pretty standard instance of a "market inefficiency" (as the term is used by most economists?)
In particular, would it be accurate to describe this situation as "
Pareto inefficient"?
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Yes, that is how the term is used, and yes, it is silly.