Decision Models (DMs) are a new class of AI models that provide fast responses and output a probability distribution over a fixed set of options. In a first evaluation, 10 DMs were compared with 8 Large Language Models (LLMs) across three economic settings—a household spending survey, classic economic games, and a labour‑market field experiment. Frontier DMs, those scoring highest on general decision‑making benchmarks, reproduced human response variation more closely than LLMs in all settings, matched LLMs on modal responses in the spending survey, and were roughly ten times faster and over a hundred times cheaper than the fastest LLM.
arXiv:2508.12045v3 Announce Type: replace-cross Abstract: Although nudge strategies can influence behavior, their effectiveness varies across individuals, highlighting the need for personalized nudge...
The paper investigates whether large language models (LLMs) make decisions in ways that mirror human cognition. Using a new 140,000-trial product choice benchmark, the authors test 12 open‑source and commercial LLMs to see if their context sensitivity aligns with a cognitive economic theory that relies on problem categorization and attention allocation. While context prompts human‑like shifts in choice and problem categorization, it does not consistently reweight attention between features such as price and quality, and neither scaling nor chain‑of‑thought reasoning produces human‑like behavior. The findings indicate that LLM decision mechanisms differ from those of humans.
arXiv:2607. 11632v1 Announce Type: new Abstract: Human choice behavior, including route choice, exhibits systematic behavioral biases that deviate from the assumptions of full rationality.
Human choice behavior, including route choice, exhibits systematic behavioral biases that deviate from the assumptions of full rationality. Cumulative prospect theory (CPT) has been widely recognized as an effective framework for characterizing such behavioral patterns.
arXiv:2505. 17648v5 Announce Type: replace-cross Abstract: We introduce a framework for simulating macroeconomic expectations in survey experiments using LLM-based economic agents (LLM Agents).
arXiv:2602. 09802v2 Announce Type: replace Abstract: As Large Language Models (LLMs) are increasingly deployed in applications such as travel assistance and purchasing support, they are often required to make subjective choices on behalf of users in settings where no objectively correct answer exists.
Do AI models designed for fast, structured decisions exhibit the cognitive and social biases observed in human judgment? We evaluate Jev, a model described as a System One decision-maker, using 41,500...
The paper presents an AI-based method that uses a large language model to emulate human decision-making by assigning it a "type vector" describing traits such as Altruism and Risk Aversion. By varying these dimensions and values, the authors fit the model to over 119,000 decisions from 78,657 participants in 10 classic economic games, finding that three dimensions—Risk Aversion, Strategic Sophistication, and Trust—sufficiently capture human behavior. The resulting type clusters, fewer than a dozen, predict behavior in new games, suggesting a low-dimensional, portable representation of human behavior across diverse settings.
arXiv:2606. 17657v1 Announce Type: new Abstract: People make decisions differently in strategic interactions.
arXiv:2608.18265v2 Announce Type: replace-cross Abstract: We introduce a general, easy-to-implement AI-based method for modeling and analyzing the structure and complexity of human behavior. We assig...
arXiv:2608. 11215v1 Announce Type: new Abstract: Simulating societies of many large language model (LLM) agents is expensive, yet the questions asked of such simulations are usually macroscopic: phase behaviour, stylised facts, and scaling with the number of agents $N$, not the cognition of any single agent.
arXiv:2610.07563v1 Announce Type: new Abstract: Large language models (LLMs) have the potential to meet a key goal in economics: a quantitative model of household decision making, across a variety of...