It seems awfully like the efficient market hypothesis to me.
Then the reasoning wouldn’t apply when the “market” is not efficient. For example, when something cannot be bought or sold, when the information necessary to determine the price is not publicly available, when the opportunity to buy or sell is limited to a few people (so the people with superior knowledge of market situation cannot participate), and when the people who buy or sell have other priorities stronger than being right (for example a tiny financial profit caused by being right would be balanced by a greater status loss).
Then the reasoning wouldn’t apply when the “market” is not efficient. For example, when something cannot be bought or sold, when the information necessary to determine the price is not publicly available, when the opportunity to buy or sell is limited to a few people (so the people with superior knowledge of market situation cannot participate), and when the people who buy or sell have other priorities stronger than being right (for example a tiny financial profit caused by being right would be balanced by a greater status loss).