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This paper presents a realistic simulated stock market where large language models (LLMs) act as heterogeneous competing trading agents. The open-source framework incorporates a persistent order book with market and limit orders, partial…

Computational Finance · Quantitative Finance 2025-04-16 Alejandro Lopez-Lira

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…

Trading and Market Microstructure · Quantitative Finance 2025-02-12 Alicia Vidler , Toby Walsh

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 utilization of Large Language Models (LLMs) in financial trading has primarily been concentrated within the stock market, aiding in economic and financial decisions. Yet, the unique opportunities presented by the cryptocurrency market,…

Trading and Market Microstructure · Quantitative Finance 2024-07-16 Yuan Li , Bingqiao Luo , Qian Wang , Nuo Chen , Xu Liu , Bingsheng He

When creating policies, plans, or designs for people, it is challenging for designers to foresee all of the ways in which people may reason and behave. Recently, Large Language Models (LLMs) have been shown to be able to simulate human…

Human-Computer Interaction · Computer Science 2024-07-03 Karthik Sreedhar , Lydia Chilton

Recent deployments of large language models (LLMs) as autonomous trading agents raise questions about whether financial decision-making competence generalizes beyond specific market patterns and how it should be trained and evaluated in…

Machine Learning · Computer Science 2026-04-21 Yuchen Pan , Soung Chang Liew

The increasing complexity of modern chemical processes, coupled with workforce shortages and intricate fault scenarios, demands novel automation paradigms that blend symbolic reasoning with adaptive control. In this work, we introduce a…

Artificial Intelligence · Computer Science 2025-07-11 Javal Vyas , Mehmet Mercangoz

The emergence of agentic artificial intelligence (AI) represents a fundamental transformation in financial markets, characterized by autonomous systems capable of reasoning, planning, and adaptive decision-making with minimal human…

Theory of Mind (ToM), the ability to understand people's minds based on their behavior, is key to developing socially intelligent agents. Current approaches to ToM reasoning either rely on prompting Large Language Models (LLMs), which are…

Artificial Intelligence · Computer Science 2026-01-15 Zhining Zhang , Chuanyang Jin , Mung Yao Jia , Shunchi Zhang , Tianmin Shu

Recent advances in large language models (LLMs) are transforming data-intensive domains, with finance representing a high-stakes environment where transparent and reproducible analysis of heterogeneous signals is essential. Traditional…

Multiagent Systems · Computer Science 2025-12-29 Marc S. Montalvo , Hamed Yaghoobian

Large Language Models (LLMs) demonstrate strong performance but often lack interpretable reasoning. This paper introduces the Multi-Agent Collaboration Framework for Diverse Thinking Modes (DiMo), which enhances both performance and…

Computation and Language · Computer Science 2025-10-21 Zhixuan He , Yue Feng

The rapid advancement of Large Language Models (LLMs) has led to a surge of financial benchmarks, evolving from static knowledge evaluation toward interactive trading simulations. However, existing frameworks for evaluating real-time…

Trading and Market Microstructure · Quantitative Finance 2026-05-28 Wentao Zhang , Mingxuan Zhao , Jincheng Gao , Jieshun You , Huaiyu Jia , Yilei Zhao , Bo An , Shuo Sun

We introduce AgenticSimLaw, a role-structured, multi-agent debate framework that provides transparent and controllable test-time reasoning for high-stakes tabular decision-making tasks. Unlike black-box approaches, our courtroom-style…

Artificial Intelligence · Computer Science 2026-01-30 Jon Chun , Kathrine Elkins , Yong Suk Lee

This paper introduces a methodology based on agentic workflows for economic research that leverages Large Language Models (LLMs) and multimodal AI to enhance research efficiency and reproducibility. Our approach features autonomous and…

General Economics · Economics 2025-04-15 Herbert Dawid , Philipp Harting , Hankui Wang , Zhongli Wang , Jiachen Yi

Current test-time scaling (TTS) techniques enhance large language model (LLM) performance by allocating additional computation at inference time, yet they remain insufficient for agentic settings, where actions directly interact with…

Computation and Language · Computer Science 2026-02-04 Xingshan Zeng , Lingzhi Wang , Weiwen Liu , Liangyou Li , Yasheng Wang , Lifeng Shang , Xin Jiang , Qun Liu

Quantitative markets are characterized by swift dynamics and abundant uncertainties, making the pursuit of profit-driven stock trading actions inherently challenging. Within this context, reinforcement learning (RL), which operates on a…

Trading and Market Microstructure · Quantitative Finance 2023-12-25 Hengxi Zhang , Zhendong Shi , Yuanquan Hu , Wenbo Ding , Ercan E. Kuruoglu , Xiao-Ping Zhang

Trading is a highly competitive task that requires a combination of strategy, knowledge, and psychological fortitude. With the recent success of large language models(LLMs), it is appealing to apply the emerging intelligence of LLM agents…

Trading and Market Microstructure · Quantitative Finance 2026-03-03 Han Ding , Yinheng Li , Junhao Wang , Hang Chen , Doudou Guo , Yunbai Zhang

This study addresses the low-volatility Chinese Public Real Estate Investment Trusts (REITs) market, proposing a large language model (LLM)-driven trading framework based on multi-agent collaboration. The system constructs four types of…

Statistical Finance · Quantitative Finance 2026-02-03 Zheng Li

Most economic theories typically assume that financial market participants are fully rational individuals and use mathematical models to simulate human behavior in financial markets. However, human behavior is often not entirely rational…

Computation and Language · Computer Science 2024-07-01 Shen Gao , Yuntao Wen , Minghang Zhu , Jianing Wei , Yuhan Cheng , Qunzi Zhang , Shuo Shang

Effective multi-agent collaboration requires agents to infer the rationale behind others' actions, a capability rooted in Theory-of-Mind (ToM). While recent Large Language Models (LLMs) excel at logical inference, their ability to infer…

Artificial Intelligence · Computer Science 2025-10-07 Fangzhou Liang , Tianshi Zheng , Chunkit Chan , Yauwai Yim , Yangqiu Song