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We explore the potential of Large Language Models (LLMs) to replicate human behavior in economic market experiments. Compared to previous studies, we focus on dynamic feedback between LLM agents: the decisions of each LLM impact the market…

General Economics · Economics 2025-05-13 R. Maria del Rio-Chanona , Marco Pangallo , Cars Hommes

The reproduction of realistic dynamics in financial markets is of great significance, as it enhances our understanding of market evolution beyond other physical processes, and facilitates the development and backtesting of investment…

Multiagent Systems · Computer Science 2025-10-14 Tianlang He , Fengming Zhu , Keyan Lu , Chang Xu , Yang Liu , Weiqing Liu , Fangzhen Lin , S. -H. Gary Chan , Jiang Bian

With ChatGPT-like large language models (LLM) prevailing in the community, how to evaluate the ability of LLMs is an open question. Existing evaluation methods suffer from following shortcomings: (1) constrained evaluation abilities, (2)…

Artificial Intelligence · Computer Science 2023-08-09 Jiaju Lin , Haoran Zhao , Aochi Zhang , Yiting Wu , Huqiuyue Ping , Qin Chen

Researchers and practitioners have recently reframed powerful Large Language Models (LLMs) as agents, enabling them to automate complex tasks largely via the use of specialized functions. To facilitate the development of LLM agents, we…

Artificial Intelligence · Computer Science 2024-08-01 Shaokun Zhang , Jieyu Zhang , Jiale Liu , Linxin Song , Chi Wang , Ranjay Krishna , Qingyun Wu

Large Language Models (LLMs) like GPT-4 have revolutionized natural language processing, showing remarkable linguistic proficiency and reasoning capabilities. However, their application in strategic multi-agent decision-making environments…

Computation and Language · Computer Science 2024-05-29 Chuanhao Li , Runhan Yang , Tiankai Li , Milad Bafarassat , Kourosh Sharifi , Dirk Bergemann , Zhuoran Yang

Concepts serve as fundamental abstractions that support human reasoning and categorization. However, it remains unclear whether large language models truly capture such conceptual structures or primarily rely on surface-level pattern…

Artificial Intelligence · Computer Science 2026-02-12 Shuhang Xu , Weijian Deng , Yixuan Zhou , Fangwei Zhong

We introduce \textsc{Cattle Trade, a multi-agent benchmark for evaluating large language models (LLMs) as agents in strategic reasoning under imperfect information, adversarial interaction, and resource constraints. The benchmark combines…

Artificial Intelligence · Computer Science 2026-05-15 Robert Müller , Clemens Müller

The potential of Large Language Model (LLM) as agents has been widely acknowledged recently. Thus, there is an urgent need to quantitatively \textit{evaluate LLMs as agents} on challenging tasks in interactive environments. We present…

Large language models (LLMs) fine-tuned on multimodal financial data have demonstrated impressive reasoning capabilities in various financial tasks. However, they often struggle with multi-step, goal-oriented scenarios in interactive…

Financial trading has been a challenging task, as it requires the integration of vast amounts of data from various modalities. Traditional deep learning and reinforcement learning methods require large training data and often involve…

Trading and Market Microstructure · Quantitative Finance 2024-11-15 Sorouralsadat Fatemi , Yuheng Hu

Large language models show promise for financial decision-making, yet deploying them as autonomous trading agents raises fundamental challenges: how to adapt instructions when rewards arrive late and obscured by market noise, how to…

Trading and Market Microstructure · Quantitative Finance 2026-05-21 Charidimos Papadakis , Angeliki Dimitriou , Giorgos Filandrianos , Maria Lymperaiou , Konstantinos Thomas , Giorgos Stamou

Computational experiments have emerged as a valuable method for studying complex systems, involving the algorithmization of counterfactuals. However, accurately representing real social systems in Agent-based Modeling (ABM) is challenging…

Artificial Intelligence · Computer Science 2024-02-02 Qun Ma , Xiao Xue , Deyu Zhou , Xiangning Yu , Donghua Liu , Xuwen Zhang , Zihan Zhao , Yifan Shen , Peilin Ji , Juanjuan Li , Gang Wang , Wanpeng Ma

Algorithmic trading requires short-term tactical decisions consistent with long-term financial objectives. Reinforcement Learning (RL) has been applied to such problems, but adoption is limited by myopic behaviour and opaque policies. Large…

Machine Learning · Computer Science 2025-10-28 Adam Darmanin , Vince Vella

The growing adoption of large language models (LLMs) presents potential for deeper understanding of human behaviours within game theory frameworks. Addressing research gap on multi-player competitive games, this paper examines the strategic…

General Economics · Economics 2024-10-04 Siting Estee Lu

Recently, Large Language Models (LLMs) have emerged as an alternative to training task-specific dialog agents, due to their broad reasoning capabilities and performance in zero-shot learning scenarios. However, many LLM-based dialog systems…

Computation and Language · Computer Science 2025-03-05 Dirk Väth , Ngoc Thang Vu

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…

Artificial Intelligence · Computer Science 2025-10-22 Man-Lin Chu , Lucian Terhorst , Kadin Reed , Tom Ni , Weiwei Chen , Rongyu Lin

In this paper, our objective is to develop a multi-agent financial system that incorporates simulated trading, a technique extensively utilized by financial professionals. While current LLM-based agent models demonstrate competitive…

Artificial Intelligence · Computer Science 2025-10-07 Xiangyu Li , Yawen Zeng , Xiaofen Xing , Jin Xu , Xiangmin Xu

This paper reviews the architecture and implementation methods of agents powered by large language models (LLMs). Motivated by the limitations of traditional LLMs in real-world tasks, the research aims to explore patterns to develop…

Artificial Intelligence · Computer Science 2025-10-13 Victor de Lamo Castrillo , Habtom Kahsay Gidey , Alexander Lenz , Alois Knoll

The advancement of large language models (LLMs) has accelerated the development of autonomous financial trading systems. While mainstream approaches deploy multi-agent systems mimicking analyst and manager roles, they often rely on abstract…

Artificial Intelligence · Computer Science 2026-02-27 Kunihiro Miyazaki , Takanobu Kawahara , Stephen Roberts , Stefan Zohren

Cryptocurrency trading is a challenging task requiring the integration of heterogeneous data from multiple modalities. Traditional deep learning and reinforcement learning approaches typically demand large training datasets and encode…

Trading and Market Microstructure · Quantitative Finance 2025-09-22 Siyi Wu , Junqiao Wang , Zhaoyang Guan , Leyi Zhao , Xinyuan Song , Xinyu Ying , Dexu Yu , Jinhao Wang , Hanlin Zhang , Michele Pak , Yangfan He , Yi Xin , Jianhui Wang , Tianyu Shi