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As AI agents increasingly act on behalf of human stakeholders in economic settings, understanding their behavior in complex market environments becomes critical. This article examines how Large Language Models coordinate on markets that are…

General Economics · Economics 2026-03-11 Alexander Erlei , Lukas Meub

Data plays a fundamental role in training Large Language Models (LLMs). Efficient data management, particularly in formulating a well-suited training dataset, is significant for enhancing model performance and improving training efficiency…

Computation and Language · Computer Science 2024-08-05 Zige Wang , Wanjun Zhong , Yufei Wang , Qi Zhu , Fei Mi , Baojun Wang , Lifeng Shang , Xin Jiang , Qun Liu

Large Language Models (LLMs) have recently been leveraged for asset pricing tasks and stock trading applications, enabling AI agents to generate investment decisions from unstructured financial data. However, most evaluations of LLM…

Trading and Market Microstructure · Quantitative Finance 2026-05-26 Weixian Waylon Li , Hyeonjun Kim , Mihai Cucuringu , Tiejun Ma

Large Language Models (LLMs) have shown powerful performance and development prospects and are widely deployed in the real world. However, LLMs can capture social biases from unprocessed training data and propagate the biases to downstream…

Computation and Language · Computer Science 2024-02-22 Yingji Li , Mengnan Du , Rui Song , Xin Wang , Ying Wang

Auction-based Federated Learning (AFL) enables open collaboration among self-interested data consumers and data owners. Existing AFL approaches are commonly under the assumption of sellers' market in that the service clients as sellers are…

Machine Learning · Computer Science 2023-09-12 Jiaxi Yang , Zihao Guo , Sheng Cao , Cuifang Zhao , Li-Chuan Tsai

State-of-the-art large language models require specialized hardware and substantial energy to operate. As a consequence, cloud-based services that provide access to large language models have become very popular. In these services, the…

Computer Science and Game Theory · Computer Science 2026-05-29 Ander Artola Velasco , Stratis Tsirtsis , Nastaran Okati , Manuel Gomez-Rodriguez

As Large Language Models (LLMs) transition into conversational agents, generative advertising emerges as a crucial monetization strategy. However, embedding advertisements within unstructured LLM outputs introduces a critical trilemma:…

Machine Learning · Computer Science 2026-05-12 Peiran Yun , Wenxin Xu , Jiayuan Liu , Yihang Zhang , Liang Zeng , Lingkai Kong , Tonghan Wang

Bilateral bargaining under incomplete information provides a controlled testbed for evaluating large language model (LLM) agent capabilities. Bilateral trade demands individual rationality, strategic surplus maximization, and cooperation to…

Computer Science and Game Theory · Computer Science 2026-04-21 Dirk Bergemann , Soheil Ghili , Xinyang Hu , Chuanhao Li , Zhuoran Yang

This paper studies optimal mechanisms for collecting and trading data. Consumers benefit from revealing information about their tastes to a service provider because this improves the service. However, the information is also valuable to a…

Theoretical Economics · Economics 2026-01-29 Jiadong Gu

Large language models (LLMs) are trained on a vast amount of human-written data, but data providers often remain uncredited. In response to this issue, data valuation (or data attribution), which quantifies the contribution or value of each…

Large language models (LLMs) rely on pretraining on massive and heterogeneous corpora, where training data composition has a decisive impact on training efficiency and downstream generalization under realistic compute and data budget…

Computation and Language · Computer Science 2026-04-21 Zhuo Chen , Yuxuan Miao , Supryadi , Deyi Xiong

The rapid progress of large language models (LLMs) is fueled by the growing reliance on datasets that blend real and synthetic data. While synthetic data offers scalability and cost-efficiency, it often introduces systematic distributional…

The difficulty in acquiring a sufficient amount of training data is a major bottleneck for machine learning (ML) based data analytics. Recently, commoditizing ML models has been proposed as an economical and moderate solution to ML-oriented…

Machine Learning · Computer Science 2023-04-04 Shuyuan Zheng , Yang Cao , Masatoshi Yoshikawa , Huizhong Li , Qiang Yan

The next generation of communication is envisioned to be intelligent communication, that can replace traditional symbolic communication, where highly condensed semantic information considering both source and channel will be extracted and…

Networking and Internet Architecture · Computer Science 2024-01-08 Panlong Wu , Qi Liu , Yanjie Dong , Fangxin Wang

Efficient and fair spectrum allocation is a central challenge in 6G networks, where massive connectivity and heterogeneous services continuously compete for limited radio resources. We investigate the use of Large Language Models (LLMs) as…

Computer Science and Game Theory · Computer Science 2026-04-28 Ismail Lotfi , Ali Ghrayeb

Scaling LLMs requires tremendous computational resources, and recent advances in AI have gone hand in hand with massive amounts of capital expenditure. While it is established that scaling up LLMs reliably increases model quality…

Machine Learning · Computer Science 2026-05-19 Sophie Hao , William Merrill

The reasoning capabilities of Large Language Models (LLMs) play a critical role in many downstream tasks, yet depend strongly on the quality of training data. Despite various proposed data construction methods, their practical utility in…

Computation and Language · Computer Science 2025-10-09 Yike Zhao , Simin Guo , Ziqing Yang , Shifan Han , Dahua Lin , Fei Tan

This paper presents a realistic simulated stock market where large language models (LLMs) act as heterogeneous competing trading agents. The open-source framework incorporates a persistent order book with market and limit orders, partial…

Computational Finance · Quantitative Finance 2025-04-16 Alejandro Lopez-Lira

The recent advancement of Large Language Models (LLMs) has established their potential as autonomous interactive agents. However, they often struggle in strategic games of incomplete information, such as bilateral price negotiation. In this…

Artificial Intelligence · Computer Science 2026-04-14 Shuze Daniel Liu , Claire Chen , Jiabao Sean Xiao , Lei Lei , Yuheng Zhang , Yisong Yue , David Simchi-Levi

The ability of large language models (LLMs) to manage and acquire economic resources remains unclear. In this paper, we introduce \textbf{Market-Bench}, a comprehensive benchmark that evaluates the capabilities of LLMs in…

Artificial Intelligence · Computer Science 2026-04-21 Yushuo Zheng , Huiyu Duan , Zicheng Zhang , Yucheng Zhu , Xiongkuo Min , Guangtao Zhai