I posted the reply as a top-level comment, but the very questions you bring up are issues that some econ fields have taken seriously and have tried to model it

I posted the reply as a top-level comment, but the very questions you bring up are issues that some econ fields have taken seriously and have tried to model it empirically and test parts of it empirically. The observing all of this is a lot of where the complexity lies, as you rightly point out. If you care at all to poke further, I posted a link to a lecture series which will talk far more about this than you'd ever want to hear.