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We conduct experiments with algorithmic pricing agents based on Large Language Models (LLMs). In oligopoly settings, LLM-based pricing agents quickly and autonomously reach supracompetitive prices and profits. Variation in seemingly…

General Economics · Economics 2026-03-09 Sara Fish , Yannai A. Gonczarowski , Ran I. Shorrer

In ranking competitions, document authors compete for the highest rankings by modifying their content in response to past rankings. Previous studies focused on human participants, primarily students, in controlled settings. The rise of…

Information Retrieval · Computer Science 2025-02-18 Tommy Mordo , Tomer Kordonsky , Haya Nachimovsky , Moshe Tennenholtz , Oren Kurland

This paper presents a Multi Agent Bitcoin Trading system that utilizes Large Language Models (LLMs) for alpha generation and portfolio management in the cryptocurrencies market. Unlike equities, cryptocurrencies exhibit extreme volatility…

Portfolio Management · Quantitative Finance 2025-11-17 Aadi Singhi

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…

Multiagent Systems · Computer Science 2025-02-20 Xiangyu Li , Yawen Zeng , Xiaofen Xing , Jin Xu , Xiangmin Xu

LLM agents in markets present algorithmic collusion risks. While prior work shows LLM agents reach supracompetitive prices through tacit coordination, existing research focuses on hand-crafted prompts. The emerging paradigm of prompt…

Artificial Intelligence · Computer Science 2026-04-21 Yingtao Tian

Large Language Models (LLMs) have demonstrated remarkable potential as autonomous agents, approaching human-expert performance through advanced reasoning and tool orchestration. However, decision-making in fully dynamic and live…

Computational Finance · Quantitative Finance 2025-12-15 Tianyu Fan , Yuhao Yang , Yangqin Jiang , Yifei Zhang , Yuxuan Chen , Chao Huang

Multi-agent systems driven by large language models (LLMs) have shown promising abilities for solving complex tasks in a collaborative manner. This work considers a fundamental problem in multi-agent collaboration: consensus seeking. When…

Computation and Language · Computer Science 2025-01-22 Huaben Chen , Wenkang Ji , Lufeng Xu , Shiyu Zhao

Large Language Models (LLMs) have demonstrated impressive performance across diverse domains, yet they still encounter challenges such as insufficient domain-specific knowledge, biases, and hallucinations. This underscores the need for…

Computation and Language · Computer Science 2025-04-07 Hongliu Cao , Ilias Driouich , Robin Singh , Eoin Thomas

This paper proposes a diffusion-based auto-bidding framework that leverages graph representations to model large-scale auction environments. In such settings, agents must dynamically optimize bidding strategies under constraints defined by…

Machine Learning · Computer Science 2025-04-22 Dom Huh , Prasant Mohapatra

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

There is an growing interest in using Large Language Models (LLMs) in multi-agent systems to tackle interactive real-world tasks that require effective collaboration and assessing complex situations. Yet, we still have a limited…

Computation and Language · Computer Science 2024-06-11 Sahar Abdelnabi , Amr Gomaa , Sarath Sivaprasad , Lea Schönherr , Mario Fritz

Although Large Language Model (LLM)-based agents are increasingly used in financial trading, it remains unclear whether they can reason and adapt in live markets, as most studies test models instead of agents, cover limited periods and…

LLM-based trading agents are increasingly deployed in real-world financial markets to perform autonomous analysis and execution. However, their reliability and robustness under adversarial or faulty conditions remain largely unexamined,…

Artificial Intelligence · Computer Science 2025-12-03 Lewen Yan , Jilin Mei , Tianyi Zhou , Lige Huang , Jie Zhang , Dongrui Liu , Jing Shao

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…

Human-Computer Interaction · Computer Science 2024-11-04 Jingru Jia , Zehua Yuan

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

Multi-agent large language models (MA-LLMs) are a rapidly growing research area that leverages multiple interacting language agents to tackle complex tasks, outperforming single-agent large language models. This literature review…

Multiagent Systems · Computer Science 2025-06-03 Arne Tillmann

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…

Trading and Market Microstructure · Quantitative Finance 2024-09-24 Chong Zhang , Xinyi Liu , Zhongmou Zhang , Mingyu Jin , Lingyao Li , Zhenting Wang , Wenyue Hua , Dong Shu , Suiyuan Zhu , Xiaobo Jin , Sujian Li , Mengnan Du , Yongfeng Zhang

Traditional control system design, reliant on expert knowledge and precise models, struggles with complex, nonlinear, or uncertain dynamics. This paper introduces AgenticControl, a novel multi-agent framework that automates controller…

Systems and Control · Electrical Eng. & Systems 2025-06-25 Mohammad Narimani , Seyyed Ali Emami

We present StockSim, an open-source simulation platform for systematic evaluation of large language models (LLMs) in realistic financial decision-making scenarios. Unlike previous toolkits that offer limited scope, StockSim delivers a…

Computational Engineering, Finance, and Science · Computer Science 2025-07-15 Charidimos Papadakis , Giorgos Filandrianos , Angeliki Dimitriou , Maria Lymperaiou , Konstantinos Thomas , Giorgos Stamou

As customer demand for multi-variety and small-batch production increases, dynamic disturbances place greater demands on manufacturing systems. To address such challenges, researchers proposed the multi-agent manufacturing system. However,…

Artificial Intelligence · Computer Science 2025-09-23 Zhen Zhao , Dunbing Tang , Changchun Liu , Liping Wang , Zequn Zhang , Haihua Zhu , Kai Chen , Qingwei Nie , Yuchen Ji