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.
Judgment under uncertainty: Heuristics and biases.Science, 185(4157): 1124–1131, 1974
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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.
- AMEL: Accumulated Message Effects on LLM Judgments