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How should one judge whether a given large language model (LLM) can reliably perform economic reasoning? Most existing LLM benchmarks focus on specific applications and fail to present the model with a rich variety of economic tasks. A…

We present the LLM Economist, a novel framework that uses agent-based modeling to design and assess economic policies in strategic environments with hierarchical decision-making. At the lower level, bounded rational worker agents --…

Large language models (LLMs), a recent advance in deep learning and machine intelligence, have manifested astonishing capacities, now considered among the most promising for artificial general intelligence. With human-like capabilities,…

Large language models (LLMs) have been extensively used as the backbones for general-purpose agents, and some economics literature suggest that LLMs are capable of playing various types of economics games. Following these works, to overcome…

Large Language Models (LLMs) are increasingly positioned as decision engines for hiring, healthcare, and economic judgment, yet real-world human judgment reflects a balance between rational deliberation and emotion-driven bias. If LLMs are…

Large language models (LLMs) are increasingly used as behavioral proxies for self-interested travelers in agent-based traffic models. Although more flexible and generalizable than conventional models, the practical use of these approaches…

This paper presents a comprehensive survey of the current status and opportunities for Large Language Models (LLMs) in strategic reasoning, a sophisticated form of reasoning that necessitates understanding and predicting adversary actions…

This work discusses how to build more rational language and multimodal agents and what criteria define rationality in intelligent systems. Rationality is the quality of being guided by reason, characterized by decision-making that aligns…

Selecting language models in business contexts requires a careful analysis of the final financial benefits of the investment. However, the emphasis of academia and industry analysis of LLM is solely on performance. This work introduces a…

Large Language Models (LLMs) increasingly show reasoning rationales alongside their answers, turning "reasoning" into a user-interface element. While step-by-step rationales are typically associated with model performance, how they…

This paper investigates Large Language Models (LLMs) ability to assess the economic soundness and theoretical consistency of empirical findings in spatial econometrics. We created original and deliberately altered "counterfactual" summaries…

Large language models (LLMs) are increasingly proposed as agents in strategic decision environments, yet their behavior in structured geopolitical simulations remains under-researched. We evaluate six popular state-of-the-art LLMs alongside…

The rise of Large Reasoning Models (LRMs) signifies a paradigm shift toward advanced computational reasoning. Yet, this progress disrupts traditional agent frameworks, traditionally anchored by execution-oriented Large Language Models…

Large Language Models (LLMs) show significant potential in economic and strategic interactions, where communication via natural language is often prevalent. This raises key questions: Do LLMs behave rationally? How do they perform compared…

The pursuit of human-level artificial intelligence (AI) has significantly advanced the development of autonomous agents and Large Language Models (LLMs). LLMs are now widely utilized as decision-making agents for their ability to interpret…

The performance of Large language models (LLMs) across a broad range of domains has been impressive but have been critiqued as not being able to reason about their process and conclusions derived. This is to explain the conclusions draw,…

Large language models (LLMs) are increasingly used to support the analysis of complex financial disclosures, yet their reliability, behavioral consistency, and transparency remain insufficiently understood in high-stakes settings. This…

Large language models (LLMs) are increasingly used as judges to evaluate agent performance, particularly in non-verifiable settings where judgments rely on agent trajectories including chain-of-thought (CoT) reasoning. This paradigm…

Large language models (LLMs) enable researchers to analyze text at unprecedented scale and minimal cost. Researchers can now revisit old questions and tackle novel ones with rich data. We provide an econometric framework for realizing this…

Trading is a highly competitive task that requires a combination of strategy, knowledge, and psychological fortitude. With the recent success of large language models(LLMs), it is appealing to apply the emerging intelligence of LLM agents…