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We explore the potential of Large Language Models (LLMs) to replicate human behavior in economic market experiments. Compared to previous studies, we focus on dynamic feedback between LLM agents: the decisions of each LLM impact the market…

General Economics · Economics 2025-05-13 R. Maria del Rio-Chanona , Marco Pangallo , Cars Hommes

Humans act via a nuanced process that depends both on rational deliberation and also on identity and contextual factors. In this work, we study how large language models (LLMs) can simulate human action in the context of social dilemma…

Computation and Language · Computer Science 2026-02-03 Suhong Moon , Minwoo Kang , Joseph Suh , Mustafa Safdari , John Canny

Large language models (LLMs) excel in both closed tasks (including problem-solving, and code generation) and open tasks (including creative writing), yet existing explanations for their capabilities lack connections to real-world human…

Computation and Language · Computer Science 2025-05-28 Yifan Duan , Yihong Tang , Xuefeng Bai , Kehai Chen , Juntao Li , Min Zhang

As Large Language Models (LLMs) integrate into our social and economic interactions, we need to deepen our understanding of how humans respond to LLMs opponents in strategic settings. We present the results of the first controlled…

General Economics · Economics 2025-05-19 Darija Barak , Miguel Costa-Gomes

It is well-known that acting in an individually rational manner, according to the principles of classical game theory, may lead to sub-optimal solutions in a class of problems named social dilemmas. In contrast, humans generally do not have…

Computer Science and Game Theory · Computer Science 2014-01-16 Steven de Jong , Simon Uyttendaele , Karl Tuyls

As large language models (LLMs) are increasingly deployed as autonomous agents, understanding how strategic behavior emerges in multi-agent environments has become an important alignment challenge. We take a neutral empirical stance and…

Powered by large language models (LLMs), AI agents have become capable of many human tasks. Using the most canonical definitions of the Big Five personality, we measure the ability of LLMs to negotiate within a game-theoretical framework,…

Computation and Language · Computer Science 2024-05-10 Sean Noh , Ho-Chun Herbert Chang

As Large Language Models (LLMs) gain agentic abilities, they will have to navigate complex multi-agent scenarios, interacting with human users and other agents in cooperative and competitive settings. This will require new reasoning skills,…

Artificial Intelligence · Computer Science 2025-06-26 Andrei Lupu , Timon Willi , Jakob Foerster

Large language models (LLMs) demonstrate strong reasoning abilities across mathematical, strategic, and linguistic tasks, yet little is known about how well they reason in dynamic, real-time, multi-agent scenarios, such as collaborative…

Multiagent Systems · Computer Science 2026-01-01 Shaurya Mallampati , Rashed Shelim , Walid Saad , Naren Ramakrishnan

Large Language Models (LLMs) like GPT-4 have revolutionized natural language processing, showing remarkable linguistic proficiency and reasoning capabilities. However, their application in strategic multi-agent decision-making environments…

Computation and Language · Computer Science 2024-05-29 Chuanhao Li , Runhan Yang , Tiankai Li , Milad Bafarassat , Kourosh Sharifi , Dirk Bergemann , Zhuoran Yang

The growing adoption of large language models (LLMs) presents potential for deeper understanding of human behaviours within game theory frameworks. Addressing research gap on multi-player competitive games, this paper examines the strategic…

General Economics · Economics 2024-10-04 Siting Estee Lu

In the present study, we investigate and compare reasoning in large language models (LLM) and humans using a selection of cognitive psychology tools traditionally dedicated to the study of (bounded) rationality. To do so, we presented to…

Computation and Language · Computer Science 2023-09-25 Nicolas Yax , Hernan Anlló , Stefano Palminteri

As Natural Language Processing (NLP) systems are increasingly employed in intricate social environments, a pressing query emerges: Can these NLP systems mirror human-esque collaborative intelligence, in a multi-agent society consisting of…

Computation and Language · Computer Science 2024-05-28 Jintian Zhang , Xin Xu , Ningyu Zhang , Ruibo Liu , Bryan Hooi , Shumin Deng

How should an agent decide when and how to plan? A dominant approach builds agents as reactive policies with adaptive computation (e.g., chain-of-thought), trained end-to-end expecting planning to emerge implicitly. Without control over the…

Artificial Intelligence · Computer Science 2026-05-22 Mingkai Deng , Jinyu Hou , Lara Sá Neves , Varad Pimpalkhute , Taylor W. Killian , Zhengzhong Liu , Eric P. Xing

Large language models are increasingly used in strategic decision-making settings, yet evidence shows that, like humans, they often deviate from full rationality. In this study, we compare LLMs and humans using experimental paradigms…

Artificial Intelligence · Computer Science 2025-06-12 Kehan Zheng , Jinfeng Zhou , Hongning Wang

Large language models (LLMs) are increasingly used to simulate or automate human behavior in complex sequential decision-making settings. A natural question is then whether LLMs exhibit similar decision-making behavior to humans, and can…

Machine Learning · Computer Science 2026-05-04 Ziyuan Zhang , Darcy Wang , Ningyuan Chen , Rodrigo Mansur , Vahid Sarhangian

Large Language Model (LLM) agents have been increasingly adopted as simulation tools to model humans in social science and role-playing applications. However, one fundamental question remains: can LLM agents really simulate human behavior?…

Artificial Intelligence · Computer Science 2024-11-04 Chengxing Xie , Canyu Chen , Feiran Jia , Ziyu Ye , Shiyang Lai , Kai Shu , Jindong Gu , Adel Bibi , Ziniu Hu , David Jurgens , James Evans , Philip Torr , Bernard Ghanem , Guohao Li

While LLMs have demonstrated remarkable capabilities in text generation and reasoning, their ability to simulate human decision-making -- particularly in political contexts -- remains an open question. However, modeling voter behavior…

Computation and Language · Computer Science 2025-04-11 Chenxiao Yu , Jinyi Ye , Yuangang Li , Zheng Li , Emilio Ferrara , Xiyang Hu , Yue Zhao

Large Language Models (LLMs) have shown remarkable capabilities in general natural language processing tasks but often fall short in complex reasoning tasks. Recent studies have explored human-like problem-solving strategies, such as…

Computation and Language · Computer Science 2023-12-19 Zhenran Xu , Senbao Shi , Baotian Hu , Jindi Yu , Dongfang Li , Min Zhang , Yuxiang Wu

Large Language Models (LLMs) have increasingly been utilized in social simulations, where they are often guided by carefully crafted instructions to stably exhibit human-like behaviors during simulations. Nevertheless, we doubt the…

Artificial Intelligence · Computer Science 2024-10-29 Zengqing Wu , Run Peng , Shuyuan Zheng , Qianying Liu , Xu Han , Brian Inhyuk Kwon , Makoto Onizuka , Shaojie Tang , Chuan Xiao