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Strategic reasoning enables agents to cooperate, communicate, and compete with other agents in diverse situations. Existing approaches to solving strategic games rely on extensive training, yielding strategies that do not generalize to new…

Natural language processing (NLP) has been widely used in quantitative finance, but traditional methods often struggle to capture rich narratives in corporate disclosures, leaving potentially informative signals under-explored. Large…

We model short-duration (e.g. day) trading in financial markets as a sequential decision-making problem under uncertainty, with the added complication of continual concept-drift. We, therefore, employ meta reinforcement learning via the RL2…

As large language models (LLMs) increasingly act as autonomous agents in markets and organizations, their behavior in strategic environments becomes economically consequential. We document that off-the-shelf LLM agents exhibit systematic…

Large Language Models (LLMs) have demonstrated impressive capabilities in natural language tasks, but their safety and morality remain contentious due to their training on internet text corpora. To address these concerns, alignment…

Modern large language models (LLMs) represent a paradigm shift in what can plausibly be expected of machine learning models. The fact that LLMs can effectively generate sensible answers to a diverse range of queries suggests that they would…

Large Language Models (LLMs) have transformed artificial intelligence by excelling in complex natural language processing tasks. Their ability to generate human-like text has opened new possibilities for market research, particularly in…

Large Language Models (LLMs) have been used to make decisions in complex scenarios, where they need models to think deeply, reason logically, and decide wisely. Many existing studies focus solely on multi-round conversations in social tasks…

Language model (LM) agents have gained significant attention for their ability to autonomously complete tasks through interactions with environments, tools, and APIs. LM agents are primarily built with prompt engineering or supervised…

Large Language Models (LLMs) have achieved remarkable success in natural language processing tasks, with Reinforcement Learning (RL) playing a key role in adapting them to specific applications. In mathematical problem solving, however, the…

In this paper, we introduce a method for fine-tuning Large Language Models (LLMs), inspired by Multi-Task learning in a federated manner. Our approach leverages the structure of each client's model and enables a learning scheme that…

Conversational shopping agents represent a critical consumer-facing application of Large Language Model (LLM)-powered agents, yet how to effectively apply post-training Reinforcement Learning (RL) to optimize such agents remains…

Modeling subrational agents, such as humans or economic households, is inherently challenging due to the difficulty in calibrating reinforcement learning models or collecting data that involves human subjects. Existing work highlights the…

Classical portfolio optimization often requires forecasting asset returns and their corresponding variances in spite of the low signal-to-noise ratio provided in the financial markets. Modern deep reinforcement learning (DRL) offers a…

Reinforcement learning (RL) can align language models with non-differentiable reward signals, such as human preferences. However, a major challenge arises from the sparsity of these reward signals - typically, there is only a single reward…

Multimodal large language models (MLLMs) struggle with numerical regression under long-tailed target distributions. Token-level supervised fine-tuning (SFT) and point-wise regression rewards bias learning toward high-density regions,…

The inherent non-stationarity of financial markets and the complexity of multi-modal information pose significant challenges to existing quantitative trading models. Traditional methods relying on fixed structures and unimodal data struggle…

The planning ability of Large Language Models (LLMs) has garnered increasing attention in recent years due to their remarkable capacity for multi-step reasoning and their ability to generalize across a wide range of domains. While some…

Large language models (LLMs) built on existing reinforcement learning with human feedback (RLHF) frameworks typically optimize responses based on immediate turn-level human preferences. However, this approach falls short in multi-turn…

Financial markets are influenced by human behavior that deviates from rationality due to cognitive biases. Traditional reinforcement learning (RL) models for financial decision-making assume rational agents, potentially overlooking the…