Related papers: LLM economicus? Mapping the Behavioral Biases of L…

Do generative AI models, particularly large language models (LLMs), exhibit systematic behavioral biases in economic and financial decisions? If so, how can these biases be mitigated? Drawing on the cognitive psychology and experimental…

Large language models (LLMs) are increasingly used to simulate human decision-making, but their intrinsic biases often diverge from real human behavior--limiting their ability to reflect population-level diversity. We address this challenge…

Large language models (LLMs) are increasingly used in social science simulations. While their performance on reasoning and optimization tasks has been extensively evaluated, less attention has been paid to their ability to simulate human…

Do large language models (LLMs) display rational reasoning? LLMs have been shown to contain human biases due to the data they have been trained on; whether this is reflected in rational reasoning remains less clear. In this paper, we answer…

Large Language Models (LLMs) are increasingly used in decision-making scenarios that involve risk assessment, yet their alignment with human economic rationality remains unclear. In this study, we investigate whether LLMs exhibit risk…

The observed similarities in the behavior of humans and Large Language Models (LLMs) have prompted researchers to consider the potential of using LLMs as models of human cognition. However, several significant challenges must be addressed…

As large language models (LLMs) increasingly act as autonomous agents in markets and organizations, their behavior in strategic environments becomes economically consequential. We document that off-the-shelf LLM agents exhibit systematic…

Large Language Models (LLMs), such as GPT-4 and BERT, have rapidly gained traction in natural language processing (NLP) and are now integral to financial decision-making. However, their deployment introduces critical challenges,…

Large language models (LLMs) increasingly mediate economic and organisational processes, from automated customer support and recruitment to investment advice and policy analysis. These systems are often assumed to embody rational decision…

We argue that newly-developed large language models (LLMs), because of how they are trained and designed, are implicit computational models of humans -- a Homo silicus. LLMs can be used like economists use Homo economicus: they can be given…

The emergence of Large Language Models (LLMs), has opened exciting possibilities for constructing computational simulations designed to replicate human behavior accurately. Current research suggests that LLM-based agents become increasingly…

Game theory, as an analytical tool, is frequently utilized to analyze human behavior in social science research. With the high alignment between the behavior of Large Language Models (LLMs) and humans, a promising research direction is to…

As large language models (LLMs) like GPT become increasingly prevalent, it is essential that we assess their capabilities beyond language processing. This paper examines the economic rationality of GPT by instructing it to make budgetary…

Large Language Models (LLMs) have shown capabilities close to human performance in various analytical tasks, leading researchers to use them for time and labor-intensive analyses. However, their capability to handle highly specialized and…

When making decisions under uncertainty, individuals often deviate from rational behavior, which can be evaluated across three dimensions: risk preference, probability weighting, and loss aversion. Given the widespread use of large language…

State of the art large language models (LLMs) have shown impressive performance on a variety of benchmark tasks and are increasingly used as components in larger applications, where LLM-based predictions serve as proxies for human…

General-purpose Large Language Models (LLMs) show significant potential in recruitment applications, where decisions require reasoning over unstructured text, balancing multiple criteria, and inferring fit and competence from indirect…

Large Language Models (LLMs) are increasingly adopted in financial analysis for interpreting complex market data and trends. However, their use is challenged by intrinsic biases (e.g., risk-preference bias) and a superficial understanding…

The growing interest in employing large language models (LLMs) for decision-making in social and economic contexts has raised questions about their potential to function as agents in these domains. A significant number of societal problems…

Modeling subrational agents, such as humans or economic households, is inherently challenging due to the difficulty in calibrating reinforcement learning models or collecting data that involves human subjects. Existing work highlights the…