Keywords
behavioral economics
economic uncertainty
legal certainty
Abstract
This article contrasts a model of economic behavior based on Mises' praxeology with so-called behavioral economics, highlighting how the latter commits epistemological transgressions by falling into the reductionism of trying to explain observable economic decisions with unobservable psychological biases, which could potentially generate legal and compliance risks in financial contexts. To demonstrate consistency and replicability, 220 Ecuadorian university students were analyzed using the Human Action Test (HAT), which classifies profiles of human economic action. The results of the Chi-square test and Cramer's V reject significant differences between students from a public university and a private university, demonstrating the methodological robustness of the HAT in the face of contextual biases. HAT, based on Mises (1949), Simon (1978), and systems theory (Bertalanffy, 1968), operates as a “cybernetic black box,” measuring observable action-decision without psychological inferences, is compatible with sensitive data regulations, increases leverage, and reduces delinquency.
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