LLMs can be profile-calibrated to exhibit human-like behavioral parameters including loss aversion, herding, and extrapolation, enabling agent-based models to generate momentum and reversal patterns consistent with empirical asset pricing evidence.
Large language models as simulated economic agents: What can we learn from homo silicus? National Bureau of Economic Research Working Paper, (31122), 2023
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Calibrating Behavioral Parameters with Large Language Models
LLMs can be profile-calibrated to exhibit human-like behavioral parameters including loss aversion, herding, and extrapolation, enabling agent-based models to generate momentum and reversal patterns consistent with empirical asset pricing evidence.