Related papers: Shifting Power: Leveraging LLMs to Simulate Human …

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…

The study of social emergence has long been a central focus in social science. Traditional modeling approaches, such as rule-based Agent-Based Models (ABMs), struggle to capture the diversity and complexity of human behavior, particularly…

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…

Large language models (LLMs) are increasingly deployed in agentic frameworks, in which prompts trigger complex tool-based analysis in pursuit of a goal. While these frameworks have shown promise across multiple domains including in finance,…

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…

Large Language Model (LLM)-based multi-agent systems are increasingly used to simulate human interactions and solve collaborative tasks. A common practice is to assign agents with personas to encourage behavioral diversity. However, this…

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…

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…

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…

Large Language Models (LLMs) are increasingly being used to simulate human-like decision making in agent-based financial market models (ABMs). As models become more powerful and accessible, researchers can now incorporate individual 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…

Agent-Based Modelling (ABM) has emerged as an essential tool for simulating social networks, encompassing diverse phenomena such as information dissemination, influence dynamics, and community formation. However, manually configuring varied…

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…

This paper pioneers a novel approach to economic and public policy analysis by leveraging multiple Large Language Models (LLMs) as heterogeneous artificial economic agents. We first evaluate five LLMs' economic decision-making capabilities…

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…

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…

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…

Exploring complex adaptive financial trading environments through multi-agent based simulation methods presents an innovative approach within the realm of quantitative finance. Despite the dominance of multi-agent reinforcement learning…

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…

Data marketplaces, which mediate the purchase and exchange of data from third parties, have attracted growing attention for reducing the cost and effort of data collection while enabling the trading of diverse datasets. However, a…