Fusing before or after

I don't know if this has been asked before (hard question to ask in a
search) but why don't people fuse their images before making
panoramas?  By that I mean the software for making panoramas (the
hugin clone ptgui and autopano pro) seem to remap all the images to
create differently exposed panoramas and then blend the panoramas.
Wouldn't it be more efficient to exposure fuse the images and then
make the panorama?
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