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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…
The advent of artificial intelligence has led to a growing emphasis on data-driven modeling in macroeconomics, with agent-based modeling (ABM) emerging as a prominent bottom-up simulation paradigm. In ABM, agents (e.g., households, firms)…
We present the LLM Economist, a novel framework that uses agent-based modeling to design and assess economic policies in strategic environments with hierarchical decision-making. At the lower level, bounded rational worker agents --…
Large language models (LLMs) have drastically changed the possible ways to design intelligent systems, shifting the focuses from massive data acquisition and new modeling training to human alignment and strategical elicitation of the full…
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…
Can AI Agents simulate real-world trading environments to investigate the impact of external factors on stock trading activities (e.g., macroeconomics, policy changes, company fundamentals, and global events)? These factors, which…
Agent-based modeling (ABM) offers powerful insights into complex systems, but its practical utility has been limited by computational constraints and simplistic agent behaviors, especially when simulating large populations. Recent…
Significant advancements have occurred in the application of Large Language Models (LLMs) for social simulations. Despite this, their abilities to perform teaming in task-oriented social events are underexplored. Such capabilities are…
The improvement of economic policymaking presents an opportunity for broad societal benefit, a notion that has inspired research towards AI-driven policymaking tools. AI policymaking holds the potential to surpass human performance through…
In recent developments within the research community, the integration of Large Language Models (LLMs) in creating fully autonomous agents has garnered significant interest. Despite this, LLM-based agents frequently demonstrate notable…
Computer simulations offer a robust toolset for exploring complex systems across various disciplines. A particularly impactful approach within this realm is Agent-Based Modeling (ABM), which harnesses the interactions of individual agents…
Large Language Models (LLMs) open new possibilities for constructing realistic and interpretable macroeconomic simulations. We present SimCity, a multi-agent framework that leverages LLMs to model an interpretable macroeconomic system with…
Large Language Models (LLMs) achieve competitive results compared to human experts in medical examinations. However, it remains a challenge to apply LLMs to complex clinical decision-making, which requires a deep understanding of medical…
Open large language models (LLMs) have significantly advanced the field of natural language processing, showcasing impressive performance across various tasks.Despite the significant advancements in LLMs, their effective operation still…
Large language models (LLMs) face challenges in solving complex mathematical problems that require comprehensive capacities to parse the statements, associate domain knowledge, perform compound logical reasoning, and integrate the…
Tax evasion, usually the largest component of an informal economy, is a persistent challenge over history with significant socio-economic implications. Many socio-economic studies investigate its dynamics, including influencing factors, the…
Inventory management remains a challenge for many small and medium-sized businesses that lack the expertise to deploy advanced optimization methods. This paper investigates whether Large Language Models (LLMs) can help bridge this gap. We…
Tackling real-world socio-economic challenges requires designing and testing economic policies. However, this is hard in practice, due to a lack of appropriate (micro-level) economic data and limited opportunity to experiment. In this work,…
Agent-based models (ABMs) have shown promise for modelling various real world phenomena incompatible with traditional equilibrium analysis. However, a critical concern is the manual definition of behavioural rules in ABMs. Recent…
Large Language Models (LLMs) are transforming artificial intelligence, evolving into task-oriented systems capable of autonomous planning and execution. One of the primary applications of LLMs is conversational AI systems, which must…