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There is no proper market without all market participants having proper information, and salary information about your peers is typically very spotty.

Evidence: I might be just as productive as a colleague working on the same project in the same company with comparable qualifications, and I would never know if they made 10% more (or less) than me.

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Job seekers have some competitive salary information though : if they can obtain multiple offers, or the salary is advertised.

... which is why most companies don't advertise salaries. Not even where I live (Austria), although it's required by law.

I said offers, not ads. It's pretty common to interview with several employers at a time.

Fair enough, I misread this. Still, that only gives you a very linited amount of information, and nothing about what existing employees at those companies make.

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