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A comprehensive framework for economic simulations using Large Language Models (LLMs). The LLM Economist leverages state-of-the-art language models to create realistic, dynamic economic simulations with diverse agent populations for studying tax policy optimization and mechanism design.
The LLM Economist framework models economic systems as a two-level multi-agent reinforcement learning problem, implemented as a Stackelberg game where:
Note: Currently, personas (used in bounded and democratic scenarios) only support egotistical utility types, so mixed utility types are only available with default personas.
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