mlsanityData to 14 Oct 2026

Bias-Adjusted LLM Agents for Human-Like Decision-Making via Behavioral Economics

arXiv 2508.18600 ↗First posted 26 Aug 2025cs.GT cs.MA econ.GNcited by 2

On the map: LLM agents and tool use → Social simulation and multi-agent debate

Abstract (arXiv)

Large language models (LLMs) are increasingly used to simulate human decision-making, but their intrinsic biases often diverge from real human behavior--limiting their ability to reflect population-level diversity. We address this challenge with a persona-based approach that leverages individual-level behavioral data from behavioral economics to adjust model biases. Applying this method to the ultimatum game--a standard but difficult benchmark for LLMs--we observe improved alignment between simulated and empirical behavior, particularly on the responder side. While further refinement of trait representations is needed, our results demonstrate the promise of persona-conditioned LLMs for simulating human-like decision patterns at scale.

Key facts. Cited by 2 papers in the map (data through 14 Oct 2026). Placed in Social simulation and multi-agent debate, one of 16 directions in LLM agents and tool use. Builds on 17 of its 42 references that are in the map. First posted on arXiv 26 Aug 2025.

Builds on

17 of 42 references.

Closest ancestors · 5

Same direction, newest first

  1. 2024Beyond Demographics: Aligning Role-playing LLM-based Agents Using Human Belief Networks25 Jun
  2. 2024Systematic Biases in LLM Simulations of Debates6 Feb
  3. 2023Simulating Opinion Dynamics with Networks of LLM-based Agents16 Nov
  4. 2023EconAgent: Large Language Model-Empowered Agents for Simulating Macroeconomic Activities16 Oct
  5. 2023Generative Agents: Interactive Simulacra of Human Behavior7 Apr

Other references · 12

  1. 2020Language (Technology) is Power: A Critical Survey of "Bias" in NLPcited by 956
  2. 2023ChatDev: Communicative Agents for Software Developmentcited by 919
  3. 2022Out of One, Many: Using Language Models to Simulate Human Samplescited by 752
  4. 2022Using Large Language Models to Simulate Multiple Humans and Replicate Human Subject Studiescited by 515
  5. 2023Large Language Models Empowered Agent-based Modeling and Simulation: A Survey and Perspectivescited by 257
  6. 2023PersonaLLM: Investigating the Ability of Large Language Models to Express Personality Traitscited by 234
  7. 2023Do LLMs exhibit human-like response biases? A case study in survey designcited by 180
  8. 2022Thinking Fast and Slow in Large Language Modelscited by 137
  9. 2024Measuring Political Bias in Large Language Models: What Is Said and How It Is Saidcited by 89
  10. 2024Can Large Language Models be Good Emotional Supporter? Mitigating Preference Bias on Emotional Support Conversationcited by 55
  11. 2023The Machine Psychology of Cooperation: Can GPT models operationalise prompts for altruism, cooperation, competitiveness and selfishness in economic games?cited by 22
  12. 2024An Empirical Analysis on Large Language Models in Debate Evaluationcited by 20

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Cited by year (2026 to 14 Oct)

Citing papers per year: 2026: 2.

2 papers.

  1. 2026Symbolic Reasoning Frameworks Trigger Memory-Mediated Ecosystem Dynamics in Multi-Agent LLM Systemscited by 0
  2. 2026Nous: An Attempt to Extract and Inject the Cognition Behind Prediction-Market Behaviorcited by 0

Similar, not cited

Close in wording, no citation either way

  1. 2024Simulating Human Strategic Behavior: Comparing Single and Multi-agent LLMs
  2. 2025Pay What LLM Wants: Can LLM Simulate Economics Experiment with 522 Real-human Persona?
  3. 2026Emulating Aggregate Human Choice Behavior and Biases with GPT Conversational Agents
  4. 2025Noise, Adaptation, and Strategy: Assessing LLM Fidelity in Decision-Making
  5. 2024Reproducing and Extending Experiments in Behavioral Strategy with Large Language Models
  6. 2026Decoding the Human Factor: High Fidelity Behavioral Prediction for Strategic Foresight
  7. 2025Evaluating and Aligning Human Economic Risk Preferences in LLMs
  8. 2025Computational Basis of LLM's Decision Making in Social Simulation