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Agent-based modeling (ABM) has long been used in economics to study human behavior, and large language model (LLM) agents now enable new forms of social and economic simulation. While prior work has discovered strategic deception by LLM…
Simulating consumer decision-making is vital for designing and evaluating marketing strategies before costly real-world deployment. However, post-event analyses and rule-based agent-based models (ABMs) struggle to capture the complexity of…
This study explores the potential of large language models (LLMs) to conduct market experiments, aiming to understand their capability to comprehend competitive market dynamics. We model the behavior of market agents in a controlled…
Bilateral markets, such as those for government bonds, involve decentralized and opaque transactions between market makers (MMs) and clients, posing significant challenges for traditional modeling approaches. To address these complexities,…
Traditional sociological research often relies on human participation, which, though effective, is expensive, challenging to scale, and with ethical concerns. Recent advancements in large language models (LLMs) highlight their potential to…
We study the emergence of agency from scratch by using Large Language Model (LLM)-based agents. In previous studies of LLM-based agents, each agent's characteristics, including personality and memory, have traditionally been predefined. We…
We introduce a novel hybrid approach that augments Agent-Based Models (ABMs) with behaviors generated by Large Language Models (LLMs) to simulate human trading interactions. We call our model TraderTalk. Leveraging LLMs trained on extensive…
This paper explores how Large Language Models (LLMs) behave in a classic experimental finance paradigm widely known for eliciting bubbles and crashes in human participants. We adapt an established trading design, where traders buy and sell…
As Large Language Models (LLMs) become increasingly integrated into financial systems, understanding their behavioural properties is crucial. Do LLMs conform to the rational expectations paradigm, do they exhibit human-like "animal…
The dual crises of the sub-prime mortgage crisis and the global financial crisis has prompted a call for explanations of non-equilibrium market dynamics. Recently a promising approach has been the use of agent based models (ABMs) to…
Can large language model (LLM) agents reproduce the complex social dynamics that characterize human online behavior -- shaped by homophily, reciprocity, and social validation -- and what memory and learning mechanisms enable such dynamics…
Understanding how complex societal behaviors emerge from individual cognition and interactions requires both high-fidelity modeling of human behavior and large-scale simulations. Traditional agent-based models (ABMs) have been employed to…
Within the domain of Massively Multiplayer Online (MMO) economy research, Agent-Based Modeling (ABM) has emerged as a robust tool for analyzing game economics, evolving from rule-based agents to decision-making agents enhanced by…
Understanding human behavior and society is a central focus in social sciences, with the rise of generative social science marking a significant paradigmatic shift. By leveraging bottom-up simulations, it replaces costly and logistically…
Recent works have increasingly applied Large Language Models (LLMs) as agents in financial stock market simulations to test if micro-level behaviors aggregate into macro-level phenomena. However, a crucial question arises: Do LLM agents'…
Large language models have increasingly been proposed as a powerful replacement for classical agent-based models (ABMs) to simulate social dynamics. By using LLMs as a proxy for human behavior, the hope of this new approach is to be able to…
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…
Accurately simulating human opinion dynamics is crucial for understanding a variety of societal phenomena, including polarization and the spread of misinformation. However, the agent-based models (ABMs) commonly used for such simulations…
Most economic theories typically assume that financial market participants are fully rational individuals and use mathematical models to simulate human behavior in financial markets. However, human behavior is often not entirely rational…
Significant progress has been made in automated problem-solving using societies of agents powered by large language models (LLMs). In finance, efforts have largely focused on single-agent systems handling specific tasks or multi-agent…