Can Large Language Models Replace Economic Choice Prediction Labs?

Economic choice prediction is an essential challenging task, often constrained by the difficulties in acquiring human choice data. Indeed, experimental economics studies had focused mostly on simple choice settings. The AI community has recently contributed to that effort in two ways: considering whether LLMs can substitute for humans in the above-mentioned simple choice prediction settings, and the study through ML lens of more elaborated but still rigorous experimental economics settings, employing incomplete information, repetitive play, and natural language communication, notably …

ai community community contributed cs.ai cs.cl cs.gt cs.hc cs.lg data economic economics experimental human humans indeed labs language language models large language large language models llms prediction simple studies