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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…
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…
Large language models (LLMs) are increasingly employed for decision-support across multiple domains. We investigate whether these models display a systematic preferential bias in favor of artificial intelligence (AI) itself. Across three…
Large Language Models (LLMs) are increasingly used in decision-making scenarios that involve risk assessment, yet their alignment with human economic rationality remains unclear. In this study, we investigate whether LLMs exhibit risk…
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…
Are large language models (LLMs) biased in favor of communications produced by LLMs, leading to possible antihuman discrimination? Using a classical experimental design inspired by employment discrimination studies, we tested widely used…
When Artificial Intelligence (AI) is used to replace consumers (e.g., synthetic data), it is often assumed that AI emulates established consumers, and more generally human behaviors. Ten experiments with Large Language Models (LLMs)…
Do large language models (LLMs) display rational reasoning? LLMs have been shown to contain human biases due to the data they have been trained on; whether this is reflected in rational reasoning remains less clear. In this paper, we answer…
Large language models (LLMs) increasingly mediate economic and organisational processes, from automated customer support and recruitment to investment advice and policy analysis. These systems are often assumed to embody rational decision…
Would artificial intelligence (AI) cut interest rates or adopt conservative monetary policy? Would it deregulate or opt for a more controlled economy? As AI use by economic policymakers, academics, and market participants grows…
Large Language Models (LLMs) exhibit surprisingly diverse risk preferences when acting as AI decision makers, a crucial characteristic whose origins remain poorly understood despite their expanding economic roles. We analyze 50 LLMs using…
In order for AI systems to communicate effectively with people, they must understand how we make decisions. However, people's decisions are not always rational, so the implicit internal models of human decision-making in Large Language…
Large Language Models (LLMs) are increasingly used in decision-making, yet their susceptibility to cognitive biases remains a pressing challenge. This study explores how personality traits influence these biases and evaluates the…
Large Language Models (LLMs), such as GPT-4 and BERT, have rapidly gained traction in natural language processing (NLP) and are now integral to financial decision-making. However, their deployment introduces critical challenges,…
Large language models (LLMs) show increasingly advanced emergent capabilities and are being incorporated across various societal domains. Understanding their behavior and reasoning abilities therefore holds significant importance. We argue…
As modern large language models (LLMs) become integral to everyday tasks, concerns about their inherent biases and their potential impact on human decision-making have emerged. While bias in models are well-documented, less is known about…
In this article, we explore the transformative potential of integrating generative AI, particularly Large Language Models (LLMs), into behavioral and experimental economics to enhance internal validity. By leveraging AI tools, researchers…
Large Language Models (LLMs) have demonstrated their capabilities across various tasks, from language translation to complex reasoning. Understanding and predicting human behavior and biases are crucial for artificial intelligence (AI)…
Cognitive biases often shape human decisions. While large language models (LLMs) have been shown to reproduce well-known biases, a more critical question is whether LLMs can predict biases at the individual level and emulate the dynamics of…
Assessments of algorithmic bias in large language models (LLMs) are generally catered to uncovering systemic discrimination based on protected characteristics such as sex and ethnicity. However, there are over 180 documented cognitive…