Please don't lecture me on Economics 101, I taught that as an Assistant Instructor (way back in the day).
Allocations aren't a simple supply and demand exercise, it's a "thin" market, allocations are not homogeneous (i.e. timing, identify of buyer and seller, etc), and information concerning their value is absent.
In the real world, even "simple commodity" markets aren't that simple (see the oil market, for example), complex markets are even harder to model.
Of course, I'm a bit of an eclectic economist, take a basic neoclassical foundation, add on some institutional and behavioral economics, a dash of Austrian economics (Shumpeter, not Von MIses), and a strong economic history perspective. My mantra is from George E.P. Box:
"essentially, all models are wrong, but some are useful."