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Towards LLM-based Experimental Economics
This blog post explores how Large Language Models (LLMs) can revolutionize experimental economics by simulating human behavior in foundational economic scenarios, while steering AI from zero-sum games to general non-cooperative games and agents towards strategic entities in a multi-agent environment. Traditional approaches in economics are limited by the costs and complexities of human-based experiments, and replacing humans with LLMs enables large-scale simulations, allowing researchers to examine a variety of economic mechanisms.