One shortcoming in economics is the inability to model cognitive costs. This is best visible in game theory - no model of cognitive costs has gained traction in the last few decades despite the desire for one.
The closest that I recall is representing strategies with finite state machine and having a preference for strategies requiring fewer states. A main difficulty there is mapping strategies to FSA.
The closest that I recall is representing strategies with finite state machine and having a preference for strategies requiring fewer states. A main difficulty there is mapping strategies to FSA.