How can Asymmetric Information/ Imperfect Information challenge Traditional Economics?

-Traditional Assumes that Economic Agents have all the Information needed to make the Right Choice, therefore, leading to the Perfect Choice. -However, in real life, Economic Agents will most likely not have All Information needed, therefore, leading to Market Failure -They may also be in a Situation where 1 Party knows more than the Other - which can be Abused. -Therefore it is Wrong to Assume Rationality predicts how Consumers Consume.