Working Paper - The main premise of this research is that LLMs can be prompted to emulate the preferences of the member of a target culture. We develop a model-agnostic methodology and apply it to simulating members of small-scale (i.e., non-WEIRD) societies such as the Hazda or Tsimane.

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Members involved: Monica Capra, Matthew Feng, Emilio Pantoja, Augusto Gonzalez-Bonorino

Working Paper - Can we reveal the preferences of survey responders and instruct an LLM to behave as if it had such preferences? We collected data from 40 individuals of various profiles and developed a prompting procedure to capture the general preferences of a profile as measured by a behavioral task and the degree of alignment of the LLM's response to the individuals' decisions in such task. 

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Members involved: Matias Deza, Augusto Gonzalez-Bonorino

Working Paper - Traditional benchmarks, based on quantitative scores, are failing to capture the nuances and scope of the probabilistic behavior of LLMs. Can the economist toolkit help in understanding the capabilities of LLMs qualitatively? We propose a game theoretical approach to evaluating "behavioral traits" of LLMs and explore their implications after deployment in various domains. Using economic games and experiments can help reveal LLMs' preferences as well as develop a behavioral profile for a target language model. This can help LLM providers categorize their models qualitatively and companies to make better informed decisions by making behavioral biases (traits a given LLM tends to favor by default) transparent.

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Members involved: Monica Capra,  Augusto Gonzalez-Bonorino

The overarching objective of this project is the creation of a Macroeconomic Agent-Based Model (ABM) utilizing NetLogo to simulate a simplistic economic ecosystem. This model aims to elucidate the dynamics of inflation through the interactions between consumers and producers within a market for various products. By focusing on the heterogeneous expectations regarding price levels among economic agents and incorporating the impact of stochastic supply shocks, this model aspires to offer a new perspective through which to view inflationary trends. Such an approach stands in contrast to traditional econometric analyses, presenting a more granular and behaviorally nuanced exploration of economic phenomena at the expense of tractable mathematical explanations.

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Members involved: Augusto Gonzalez-Bonorino