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When Experimental Economics Meets Large Language Models: Tactics with Evidence

Author

Listed:
  • Shu Wang
  • Zijun Yao
  • Shuhuai Zhang
  • Jianuo Gai
  • Tracy Xiao Liu
  • Songfa Zhong

Abstract

Advancements in large language models (LLMs) have sparked a growing interest in measuring and understanding their behavior through experimental economics. However, there is still a lack of established guidelines for designing economic experiments for LLMs. By combining principles from experimental economics with insights from LLM research in artificial intelligence, we outline and discuss eight practical tactics for conducting experiments with LLMs. We further perform two sets of experiments to demonstrate the significance of these tactics. Our study enhances the design, replicability, and generalizability of LLM experiments, and broadens the scope of experimental economics in the digital age.

Suggested Citation

  • Shu Wang & Zijun Yao & Shuhuai Zhang & Jianuo Gai & Tracy Xiao Liu & Songfa Zhong, 2025. "When Experimental Economics Meets Large Language Models: Tactics with Evidence," Papers 2505.21371, arXiv.org.
    • Handle: RePEc:arx:papers:2505.21371
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