mlsanityData to 14 Oct 2026

Pay What LLM Wants: Can LLM Simulate Economics Experiment with 522 Real-human Persona?

arXiv 2508.03262 ↗First posted 5 Aug 2025cs.CL cs.AIcited by 2

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Abstract (arXiv)

Recent advances in Large Language Models (LLMs) have generated significant interest in their capacity to simulate human-like behaviors, yet most studies rely on fictional personas rather than actual human data. We address this limitation by evaluating LLMs' ability to predict individual economic decision-making using Pay-What-You-Want (PWYW) pricing experiments with real 522 human personas. Our study systematically compares three state-of-the-art multimodal LLMs using detailed persona information from 522 Korean participants in cultural consumption scenarios. We investigate whether LLMs can accurately replicate individual human choices and how persona injection methods affect prediction performance. Results reveal that while LLMs struggle with precise individual-level predictions, they demonstrate reasonable group-level behavioral tendencies. Also, we found that commonly adopted prompting techniques are not much better than naive prompting methods; reconstruction of personal narrative nor retrieval augmented generation have no significant gain against simple prompting method. We believe that these findings can provide the first comprehensive evaluation of LLMs' capabilities on simulating economic behavior using real human data, offering empirical guidance for persona-based simulation in computational social science.

Key facts. Cited by 2 papers in the map (data through 14 Oct 2026). Builds on 16 of its 42 references that are in the map. First posted on arXiv 5 Aug 2025.

Builds on

16 of 42 references.

References · 16

  1. 2020Language Models are Few-Shot Learnerscited by 32,419
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  5. 2023Generative Agents: Interactive Simulacra of Human Behaviorcited by 3,568
  6. 2023Quantifying Language Models' Sensitivity to Spurious Features in Prompt Design or: How I learned to start worrying about prompt formattingcited by 817
  7. 2022Can language models learn from explanations in context?cited by 249
  8. 2024LLM Agents Grounded in Self-Reports Enable General-Purpose Simulation of Individualscited by 249
  9. 2023CoMPosT: Characterizing and Evaluating Caricature in LLM Simulationscited by 97
  10. 2023Do LLM Agents Exhibit Social Behavior?cited by 53
  11. 2023HAE-RAE Bench: Evaluation of Korean Knowledge in Language Modelscited by 47
  12. 2024LLM economicus? Mapping the Behavioral Biases of LLMs via Utility Theorycited by 47
4 more
  1. 2024Examining Identity Drift in Conversations of LLM Agentscited by 25
  2. 2023Large Scale Multi-Lingual Multi-Modal Summarization Datasetcited by 12
  3. 2025Exploring Persona-dependent LLM Alignment for the Moral Machine Experimentcited by 9
  4. 2025Shadows in the Attention: Contextual Perturbation and Representation Drift in the Dynamics of Hallucination in LLMscited by 9

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Cited by year (2026 to 14 Oct)

Citing papers per year: 2026: 2.

2 papers.

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  1. 2025Bias-Adjusted LLM Agents for Human-Like Decision-Making via Behavioral Economics
  2. 2025Evaluating and Aligning Human Economic Risk Preferences in LLMs
  3. 2024Can LLMs Replace Economic Choice Prediction Labs? The Case of Language-based Persuasion Games
  4. 2025LLMs Model Non-WEIRD Populations: Experiments with Synthetic Cultural Agents
  5. 2024Take Caution in Using LLMs as Human Surrogates: Scylla Ex Machina
  6. 2025Can Generative AI agents behave like humans? Evidence from laboratory market experiments
  7. 2023The Challenge of Using LLMs to Simulate Human Behavior: A Causal Inference Perspective
  8. 2026Persona-Conditioned Risk Behavior in Large Language Models: A Simulated Gambling Study with GPT-4.1