>There is informational asymmetry in every transaction
Yes, but informational asymmetry is a much bigger problem for larger, less frequent decisions, like buying a house, or going to college.
With small, frequent decisions, like buying groceries, you can quickly learn from your mistakes and the harm done from potentially choosing an inferior/overly expensive grocer a few times is small.
With college, if you don't figure out that the educational provider was poor until after you've graduated, you're already wasted tens of thousands of dollars and years of your life for a useless degree. That's a much bigger issue.
> if you don't figure out that the educational provider was poor until after you've graduated
Is using google that difficult?
After all, I went to college before the internet, and didn't have any trouble finding reviews of the various options, and used that to form a list to apply to. With google it's a few minutes' job.
Yes, but informational asymmetry is a much bigger problem for larger, less frequent decisions, like buying a house, or going to college.
With small, frequent decisions, like buying groceries, you can quickly learn from your mistakes and the harm done from potentially choosing an inferior/overly expensive grocer a few times is small.
With college, if you don't figure out that the educational provider was poor until after you've graduated, you're already wasted tens of thousands of dollars and years of your life for a useless degree. That's a much bigger issue.