# STEER-ME: Assessing the Microeconomic Reasoning of Large Language Models

arXiv: https://arxiv.org/abs/2502.13119 · HTML: https://mlsanity.com/paper/2502.13119/

## Key facts

- Cited by 7 papers in the map (data through 14 Oct 2026).
- Placed in Reasoning for agents, planning and code, one of 17 directions in LLM reasoning.
- Builds on 47 of its 68 references that are in the map.
- First posted on arXiv 18 Feb 2025.

## Placed in

- LLM reasoning / [Reasoning for agents, planning and code](https://mlsanity.com/lr/reasoning-for-agents-planning-and-code/)

## Builds on (most cited first, 30 of 47)

- [Language Models are Few-Shot Learners](https://mlsanity.com/paper/2005.14165/) (2020)
- [Chain-of-Thought Prompting Elicits Reasoning in Large Language Models](https://mlsanity.com/paper/2201.11903/) (2022)
- [Training Verifiers to Solve Math Word Problems](https://mlsanity.com/paper/2110.14168/) (2021)
- [Measuring Massive Multitask Language Understanding](https://mlsanity.com/paper/2009.03300/) (2020)
- [Measuring Mathematical Problem Solving With the MATH Dataset](https://mlsanity.com/paper/2103.03874/) (2021)
- [On Calibration of Modern Neural Networks](https://mlsanity.com/paper/1706.04599/) (2017)
- [GLUE: A Multi-Task Benchmark and Analysis Platform for Natural Language Understanding](https://mlsanity.com/paper/1804.07461/) (2018)
- [Large Language Models are Zero-Shot Reasoners](https://mlsanity.com/paper/2205.11916/) (2022)
- [DistilBERT, a distilled version of BERT: smaller, faster, cheaper and lighter](https://mlsanity.com/paper/1910.01108/) (2019)
- [The Power of Scale for Parameter-Efficient Prompt Tuning](https://mlsanity.com/paper/2104.08691/) (2021)
- [HuggingFace's Transformers: State-of-the-art Natural Language Processing](https://mlsanity.com/paper/1910.03771/) (2019)
- [Beyond the Imitation Game: Quantifying and extrapolating the capabilities of language models](https://mlsanity.com/paper/2206.04615/) (2022)
- [Challenging BIG-Bench Tasks and Whether Chain-of-Thought Can Solve Them](https://mlsanity.com/paper/2210.09261/) (2022)
- [SuperGLUE: A Stickier Benchmark for General-Purpose Language Understanding Systems](https://mlsanity.com/paper/1905.00537/) (2019)
- [BloombergGPT: A Large Language Model for Finance](https://mlsanity.com/paper/2303.17564/) (2023)
- [Large Language Models Can Self-Improve](https://mlsanity.com/paper/2210.11610/) (2022)
- [MathQA: Towards Interpretable Math Word Problem Solving with Operation-Based Formalisms](https://mlsanity.com/paper/1905.13319/) (2019)
- [Program Induction by Rationale Generation : Learning to Solve and Explain Algebraic Word Problems](https://mlsanity.com/paper/1705.04146/) (2017)
- [GSM-Symbolic: Understanding the Limitations of Mathematical Reasoning in Large Language Models](https://mlsanity.com/paper/2410.05229/) (2024)
- [Are Emergent Abilities of Large Language Models a Mirage?](https://mlsanity.com/paper/2304.15004/) (2023)
- [FinBERT: Financial Sentiment Analysis with Pre-trained Language Models](https://mlsanity.com/paper/1908.10063/) (2019)
- [NLP Evaluation in trouble: On the Need to Measure LLM Data Contamination for each Benchmark](https://mlsanity.com/paper/2310.18018/) (2023)
- [True Few-Shot Learning with Language Models](https://mlsanity.com/paper/2105.11447/) (2021)
- [Good Debt or Bad Debt: Detecting Semantic Orientations in Economic Texts](https://mlsanity.com/paper/1307.5336/) (2013)
- [Deep Learning for Symbolic Mathematics](https://mlsanity.com/paper/1912.01412/) (2019)
- [LiveBench: A Challenging, Contamination-Limited LLM Benchmark](https://mlsanity.com/paper/2406.19314/) (2024)
- [FinGPT: Open-Source Financial Large Language Models](https://mlsanity.com/paper/2306.06031/) (2023)
- [The GEM Benchmark: Natural Language Generation, its Evaluation and Metrics](https://mlsanity.com/paper/2102.01672/) (2021)
- [PIXIU: A Large Language Model, Instruction Data and Evaluation Benchmark for Finance](https://mlsanity.com/paper/2306.05443/) (2023)
- [ConvFinQA: Exploring the Chain of Numerical Reasoning in Conversational Finance Question Answering](https://mlsanity.com/paper/2210.03849/) (2022)

## Built on by (most cited first, 7 of 7)

- [An Economy of AI Agents](https://mlsanity.com/paper/2509.01063/) (2025)
- [Reasoning Models are Test Exploiters: Rethinking Multiple-Choice](https://mlsanity.com/paper/2507.15337/) (2025)
- [COLD-Steer: Steering Large Language Models via In-Context One-step Learning Dynamics](https://mlsanity.com/paper/2603.06495/) (2026)
- [QuickScope: Certifying Hard Questions in Dynamic LLM Benchmarks](https://mlsanity.com/paper/2604.17842/) (2026)
- [RLRF: Competitive Search Agent Design via Reinforcement Learning from Ranker Feedback](https://mlsanity.com/paper/2510.04096/) (2025)
- [In-Context Examples Suppress Scientific Knowledge Recall in LLMs](https://mlsanity.com/paper/2604.27540/) (2026)
- [Reasoning4Sciences: Bridging Reasoning Language Models to All Scientific Branches](https://mlsanity.com/paper/2606.01145/) (2026)

## Abstract (arXiv)

How should one judge whether a given large language model (LLM) can reliably perform economic reasoning? Most existing LLM benchmarks focus on specific applications and fail to present the model with a rich variety of economic tasks. A notable exception is Raman et al. [2024], who offer an approach for comprehensively benchmarking strategic decision-making; however, this approach fails to address the non-strategic settings prevalent in microeconomics, such as supply-and-demand analysis. We address this gap by taxonomizing microeconomic reasoning into 58 distinct elements, focusing on the logic of supply and demand, each grounded in up to 10 distinct domains, 5 perspectives, and 3 types. The generation of benchmark data across this combinatorial space is powered by a novel LLM-assisted data generation protocol that we dub auto-STEER, which generates a set of questions by adapting handwritten templates to target new domains and perspectives. Because it offers an automated way of generating fresh questions, auto-STEER mitigates the risk that LLMs will be trained to over-fit evaluation benchmarks; we thus hope that it will serve as a useful tool both for evaluating and fine-tuning models for years to come. We demonstrate the usefulness of our benchmark via a case study on 27 LLMs, ranging from small open-source models to the current state of the art. We examined each model's ability to solve microeconomic problems across our whole taxonomy and present the results across a range of prompting strategies and scoring metrics.