A Multi-LLM-Agent-Based Framework for Economic and Public Policy Analysis
On the map: LLM agents and tool use → Social simulation and multi-agent debate
Abstract (arXiv)
This paper pioneers a novel approach to economic and public policy analysis by leveraging multiple Large Language Models (LLMs) as heterogeneous artificial economic agents. We first evaluate five LLMs' economic decision-making capabilities in solving two-period consumption allocation problems under two distinct scenarios: with explicit utility functions and based on intuitive reasoning. While previous research has often simulated heterogeneity by solely varying prompts, our approach harnesses the inherent variations in analytical capabilities across different LLMs to model agents with diverse cognitive traits. Building on these findings, we construct a Multi-LLM-Agent-Based (MLAB) framework by mapping these LLMs to specific educational groups and corresponding income brackets. Using interest-income taxation as a case study, we demonstrate how the MLAB framework can simulate policy impacts across heterogeneous agents, offering a promising new direction for economic and public policy analysis by leveraging LLMs' human-like reasoning capabilities and computational power.
Key facts. Cited by 11 papers in the map (data through 7 Oct 2026). Placed in Social simulation and multi-agent debate, one of 16 directions in LLM agents and tool use. Builds on 2 of its 14 references that are in the map. First posted on arXiv 24 Feb 2025.
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Citing papers per year: 2025: 5; 2026: 6.
11 papers.
- 2025Magentic Marketplace: An Open-Source Environment for Studying Agentic Marketscited by 15
- 2025DeceptionBench: A Comprehensive Benchmark for AI Deception Behaviors in Real-world Scenarioscited by 14
- 2025Reasoning Like an Economist: Post-Training on Economic Problems Induces Strategic Generalization in LLMscited by 2
- 2025EconGym: A Scalable AI Testbed with Diverse Economic Taskscited by 2
- 2025Think, Speak, Decide: Language-Augmented Multi-Agent Reinforcement Learning for Economic Decision-Makingcited by 2
- 2026MALLES: A Multi-agent LLMs-based Economic Sandbox with Consumer Preference Alignmentcited by 2
- 2026AutoSAM: an Agentic Framework for Automating Input File Generation for the SAM Code with Multi-Modal Retrieval-Augmented Generationcited by 2
- 2026Soft-Label Governance for Distributional Safety in Multi-Agent Systemscited by 1
- 2026Aplaud: Adaptive Personalized Low-Rank Decomposition for User-Specific LLMcited by 0
- 2026LLM Agents as Computational Typologistscited by 0
- 2026From Preference to Reciprocity: Decentralized Matching with Empirically Grounded LLM-agent Based Modelingcited by 0
- 2026From Preference to Reciprocity: Decentralized Matching with Empirically Grounded LLM-agent Based Modeling28 Sep 2026
- 2026LLM Agents as Computational Typologists7 Sep 2026
- 2026Aplaud: Adaptive Personalized Low-Rank Decomposition for User-Specific LLM4 Sep 2026
- 2026AutoSAM: an Agentic Framework for Automating Input File Generation for the SAM Code with Multi-Modal Retrieval-Augmented Generation25 Mar 2026
- 2026Soft-Label Governance for Distributional Safety in Multi-Agent Systems19 Mar 2026
- 2026MALLES: A Multi-agent LLMs-based Economic Sandbox with Consumer Preference Alignment18 Mar 2026
- 2025Think, Speak, Decide: Language-Augmented Multi-Agent Reinforcement Learning for Economic Decision-Making17 Nov 2025
- 2025Magentic Marketplace: An Open-Source Environment for Studying Agentic Markets27 Oct 2025
- 2025DeceptionBench: A Comprehensive Benchmark for AI Deception Behaviors in Real-world Scenarios17 Oct 2025
- 2025EconGym: A Scalable AI Testbed with Diverse Economic Tasks13 Jun 2025
- 2025Reasoning Like an Economist: Post-Training on Economic Problems Induces Strategic Generalization in LLMs31 May 2025
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Close in wording, no citation either way
- 2025LLM Economist: Large Population Models and Mechanism Design in Multi-Agent Generative Simulacra
- 2025Aligning Large Language Model Agents with Rational and Moral Preferences: A Supervised Fine-Tuning Approach
- 2023EconAgent: Large Language Model-Empowered Agents for Simulating Macroeconomic Activities
- 2026CoffeeBench: Benchmarking Long-Horizon LLM Agents in Heterogeneous Multi-Agent Economies
- 2026AI Economist Agent: An Agentic Framework for Evidence-Based Economic and Financial Analysis with RAG, Knowledge Graphs, and Large Language Models
- 2025STEER-ME: Assessing the Microeconomic Reasoning of Large Language Models
- 2026LLM Consumer Behavior Theory: Foundations of a Novel Research Field
- 2024STEER: Assessing the Economic Rationality of Large Language Models