相关论文: Language Models Can Reduce Asymmetry in Informatio…
Resource distribution is a fundamental problem in economic and policy design, particularly when demand and supply are not naturally aligned. Without regulation, wealthier individuals may monopolize this resource, leaving the needs of others…
Large language models (LLMs) have demonstrated impressive capabilities as autonomous agents with rapidly expanding applications in various domains. As these agents increasingly engage in socioeconomic interactions, identifying their…
Agents' judgment depends on perception and previous knowledge. Assuming that previous knowledge depends on perception, we can say that judgment depends on perception. So, if judgment depends on perception, can agents judge that they have…
Online marketplaces will be transformed by autonomous AI agents acting on behalf of consumers. Rather than humans browsing and clicking, AI agents can parse webpages or leverage APIs to view, evaluate and choose products. We investigate the…
We develop a theoretical framework for understanding how cognitive load affects information processing in financial markets and test it using exogenous variation in disclosure complexity. Our model distinguishes between attention allocation…
Most of the work in the auction design literature assumes that bidders behave rationally based on the information available for every individual auction, and the revelation principle enables designers to restrict their efforts to incentive…
As LLM agents advance, they are increasingly mediating economic decisions, ranging from product discovery to transactions, on behalf of users. Such applications promise benefits but also raise many questions about agent accountability and…
Browsing privacy solutions face an uphill battle to deployment. Many operate counter to the economic objectives of popular online services (e.g., by completely blocking ads) and do not provide enough incentive for users who may be subject…
Agent-based models provide a constructive approach to studying emergent dynamics in life-like systems composed of interacting, adaptive agents. Financial markets serve as a canonical example of such systems, where collective price dynamics…
A monopoly seller is privately and imperfectly informed about the buyer's value of the product. The seller uses information to price discriminate the buyer. A designer offers a mechanism that provides the seller with additional information…
To improve the reasoning and question-answering capabilities of Large Language Models (LLMs), several multi-agent approaches have been introduced. While these methods enhance performance, the application of collective intelligence-based…
We present results on simulations of a stock market with heterogeneous, cumulative information setup. We find a non-monotonic behaviour of traders' returns as a function of their information level. Particularly, the average informed agents…
AI shopping agents are being deployed to hundreds of millions of consumers, creating a new intermediary between platforms, sellers, and buyers. We identify a novel market failure: vertical tacit collusion, where platforms controlling…
As information ecosystems grow more heterogeneous, both humans and artificial agents increasingly face a simple yet unresolved question: when seeking knowledge, whom should we ask, and why? Inspired by how people intuitively "read a room",…
Modern content platforms offer paid promotion to mitigate cold start by allocating exposure via auctions. Our empirical analysis reveals a counterintuitive flaw in this paradigm: while promotion rescues low-to-medium quality content, it can…
Internet market makers are always facing intense competitive environment, where personalized price reductions or discounted coupons are provided for attracting more customers. Participants in such a price war scenario have to invest a lot…
Auto-evaluating language models (LMs), i.e., using a grader LM to evaluate the candidate LM, is an appealing way to accelerate the evaluation process and the cost associated with it. But this presents a paradox: how can we trust the grader…
In many settings, multiple uninformed agents bargain simultaneously with a single informed agent in each of multiple periods. For example, workers and firms negotiate each year over salaries, and the firm has private information about the…
We study a simple model of an asset market with informed and non-informed agents. In the absence of non-informed agents, the market becomes information efficient when the number of traders with different private information is large enough.…
Information foraging connects optimal foraging theory in ecology with how humans search for information. The theory suggests that, following an information scent, the information seeker must optimize the tradeoff between exploration by…