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

arXiv: https://arxiv.org/abs/2508.18600 · HTML: https://mlsanity.com/paper/2508.18600/

## 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.

## Placed in

- LLM agents and tool use / [Social simulation and multi-agent debate](https://mlsanity.com/agents/social-simulation-and-multi-agent-debate/)

## Builds on (most cited first, 17 of 17)

- [Generative Agents: Interactive Simulacra of Human Behavior](https://mlsanity.com/paper/2304.03442/) (2023)
- [Language (Technology) is Power: A Critical Survey of "Bias" in NLP](https://mlsanity.com/paper/2005.14050/) (2020)
- [ChatDev: Communicative Agents for Software Development](https://mlsanity.com/paper/2307.07924/) (2023)
- [Out of One, Many: Using Language Models to Simulate Human Samples](https://mlsanity.com/paper/2209.06899/) (2022)
- [Using Large Language Models to Simulate Multiple Humans and Replicate Human Subject Studies](https://mlsanity.com/paper/2208.10264/) (2022)
- [Large Language Models Empowered Agent-based Modeling and Simulation: A Survey and Perspectives](https://mlsanity.com/paper/2312.11970/) (2023)
- [PersonaLLM: Investigating the Ability of Large Language Models to Express Personality Traits](https://mlsanity.com/paper/2305.02547/) (2023)
- [Do LLMs exhibit human-like response biases? A case study in survey design](https://mlsanity.com/paper/2311.04076/) (2023)
- [EconAgent: Large Language Model-Empowered Agents for Simulating Macroeconomic Activities](https://mlsanity.com/paper/2310.10436/) (2023)
- [Simulating Opinion Dynamics with Networks of LLM-based Agents](https://mlsanity.com/paper/2311.09618/) (2023)
- [Thinking Fast and Slow in Large Language Models](https://mlsanity.com/paper/2212.05206/) (2022)
- [Systematic Biases in LLM Simulations of Debates](https://mlsanity.com/paper/2402.04049/) (2024)
- [Measuring Political Bias in Large Language Models: What Is Said and How It Is Said](https://mlsanity.com/paper/2403.18932/) (2024)
- [Can Large Language Models be Good Emotional Supporter? Mitigating Preference Bias on Emotional Support Conversation](https://mlsanity.com/paper/2402.13211/) (2024)
- [Beyond Demographics: Aligning Role-playing LLM-based Agents Using Human Belief Networks](https://mlsanity.com/paper/2406.17232/) (2024)
- [The Machine Psychology of Cooperation: Can GPT models operationalise prompts for altruism, cooperation, competitiveness and selfishness in economic games?](https://mlsanity.com/paper/2305.07970/) (2023)
- [An Empirical Analysis on Large Language Models in Debate Evaluation](https://mlsanity.com/paper/2406.00050/) (2024)

## Built on by (most cited first, 2 of 2)

- [Symbolic Reasoning Frameworks Trigger Memory-Mediated Ecosystem Dynamics in Multi-Agent LLM Systems](https://mlsanity.com/paper/2606.07552/) (2026)
- [Nous: An Attempt to Extract and Inject the Cognition Behind Prediction-Market Behavior](https://mlsanity.com/paper/2606.13038/) (2026)

## 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.