Earlier quoted context omitted.
What you’re basically describing is bounded rationality, which has been widely studied in behavioral economics, psychology, and engineering applications (Simon and Gigerenzer are two big names to google). A common framework for formalizing it is as what boils down versions of rate-distortion problems from information theory (very related to Bayesian statistics). The reason it’s of engineering interest is, like you ob…
Oh cool! It's always hugely useful to learn the word for the thing you're thinking about. It can be really tricky to figure out if a vague idea has a name unless you're already pretty well read in a field. Now I have some reading to do, thanks!
This is where ChatGPT usually shines. I gave it your comment and asked it to find the concept. I had to nudge it in the right direction though: https://chat.openai.com/share/f8855a35-7076-43e6-bf9e-19de8b...