[lynal]

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.

[hopler]

Transaction costs and cost/benefit analysis of information are a thoroughly studied part of economics. I'm not even an econ major and it was covered in my college CS education

[nerdponx]

inability to model cognitive costs.

Read: "unwilling to sacrifice theoretical purity in order to build actually realistic models"