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In democracies, major policy decisions typically require some form of majority or consensus, so elites must secure mass support to govern. Historically, elites could shape support only through limited instruments like schooling and mass…
We compare two scenarios in a model where politicians offer local public goods to heterogeneous voters: one where politicians have access to data on voters and thus can target specific ones, and another where politicians only decide on the…
This study examines strategic behavior in crowdfunding using a large-scale online experiment. Building on the model of Arieli et. al 2023, we test predictions about risk aversion (i.e., opting out despite seeing a positive private signal)…
The question of how people vote strategically under uncertainty has attracted much attention in several disciplines. Theoretical decision models have been proposed which vary in their assumptions on the sophistication of the voters and on…
As automated trading gains traction in the financial market, algorithmic investment strategies are increasingly prominent. While Large Language Models (LLMs) and Agent-based models exhibit promising potential in real-time market analysis…
An important aspect of developing LLMs that interact with humans is to align models' behavior to their users. It is possible to prompt an LLM into behaving as a certain persona, especially a user group or ideological persona the model…
A Hedge Fund Index is very useful for tracking the performance of hedge fund investments, especially the timing of fund redemption. This paper presents a methodology for constructing a hedge fund index that is more like a quantitative fund…
Large Language Models (LLMs) exhibit surprisingly diverse risk preferences when acting as AI decision makers, a crucial characteristic whose origins remain poorly understood despite their expanding economic roles. We analyze 50 LLMs using…
The outcomes of democratic elections rest on individuals' decision-making that is driven by their varying preferences and beliefs. Individuals may prefer consensus to gridlock, or gridlock to consensus, and information may be fractured via…
Algorithms are often used to produce decision-making rules that classify or evaluate individuals. When these individuals have incentives to be classified a certain way, they may behave strategically to influence their outcomes. We develop a…
A set of agents has to make a decision about the provision of a public good and its financing. Agents have heterogeneous values for the public good and each agent's value is private information. An agenda-setter has the right to make a…
This paper offers a framework for the study of strategic behavior in proxy voting, where non-active voters delegate their votes to active voters. We further study how proxy voting affects the strategic behavior of non-active voters and…
Language model agents are poised to mediate how people navigate and act online. If the companies that already dominate internet search, communication, and commerce -- or the firms trying to unseat them -- control these agents, the resulting…
Negotiation requires more than inferring what the other side wants: it requires using that information to make advantageous offers and counteroffers over multiple turns. We study whether large language model (LLM) agents do this in a…
Human reasoning involves different strategies, each suited to specific problems. Prior work shows that large language model (LLMs) tend to favor a single reasoning strategy, potentially limiting their effectiveness in diverse reasoning…
We revisit the discrete heterogeneous two-facility location problem, in which there is a set of agents that occupy nodes of a line graph, and have private approval preferences over two facilities. When the facilities are located at some…
The role of committed minorities in shaping public opinion has been recently addressed with the help of multi-agent models. However, previous studies focused on homogeneous populations where zealots stand out only for their stubbornness.…
Opinion dynamics models how the publicly expressed opinions of users in a social network coevolve according to their neighbors as well as their own intrinsic opinion. Motivated by the real-world manipulation of social networks during the…
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…
Independent voters play an increasingly decisive role in contemporary elections, yet their collective behavior remains poorly understood. This paper investigates how a minority of voters with greater flexibility in their political…