I come from an economics background where people often written explicit mathematical models for their theories. To be clear, the vast majority of economic models are not useful quantitatively — the functional forms, etc, tend to be way off. However, the models are useful in disciplining the qualitative predictions from the theory. Human intuition is faulty. If we just rely on intuition in building theories, we almost always miss something until we write them out using models.
When I read psychological theories, I find that most of them are not expressed in explicit models. This makes me worried that my understanding of the theories can be incomplete and different from what the original authors intended.
Why is this the common practice? Would we gain anything to make psychological theories mathematically explicit, or will that be a waste of time?