@article{LLMF-0372,
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  journal = {FinTech},
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  url = {https://doi.org/10.3390/fintech5020054},
}

@misc{LLMF-0109,
  author = {Agrawal, K. and Teo, V. and Vazquez, J. J. and others},
  title = {Evaluating LLM Agent Collusion in Double Auctions},
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  eprint = {2507.01413},
  archivePrefix = {arXiv},
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}

@misc{LLMF-0296,
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  title = {Dutch Books for Language Models},
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  eprint = {2609.02797},
  archivePrefix = {arXiv},
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}

@misc{LLMF-0402,
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  title = {Do LLM Trading Agents Herd? A Market Microstructure Stress Test},
  year = {2026},
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  doi = {10.1109/cifer67845.2026.11692423},
  url = {https://doi.org/10.1109/cifer67845.2026.11692423},
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@misc{arksey-omalley-2005,
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@misc{axtell-farmer-2025,
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@misc{LLMF-0425,
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  url = {https://hdl.handle.net/10419/343061},
}

@misc{bailey-lopez-de-prado-2014,
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@misc{LLMF-0234,
  author = {Barton, T. J. and Constantakis, C. and Hauseman, P. and others},
  title = {Operating-Layer Controls for Onchain Language-Model Agents Under Real Capital},
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  eprint = {2604.26091},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2604.26091},
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@misc{LLMF-0300,
  author = {Barton, T. J. and Constantakis, C. and Hauseman, P. and others},
  title = {What LLM Trading Agents Actually Do in Production: A Six-Month, Population-Scale Record from Two Fleets},
  year = {2026},
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  eprint = {2609.05663},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2609.05663},
}

@misc{LLMF-0428,
  author = {Basu, A. and Chakraborty, P.},
  title = {When Names Change Verdicts: Intervention Consistency Reveals Systematic Bias in LLM Decision-Making},
  year = {2026},
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  eprint = {2603.18530},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2603.18530},
}

@misc{LLMF-0535,
  author = {Batra, D. and Hamill, C. and Hartley, J. and others},
  title = {A Review of LLM Agent Applications in Finance and Banking},
  year = {2025},
  note = {Batra, D., Hamill, C., Hartley, J., et al. (2025). A Review of LLM Agent Applications in Finance and Banking (SSRN Working Paper 5381584, version posted August 14, 2025). https://doi.org/10.2139/ssrn.5381584},
  doi = {10.2139/ssrn.5381584},
  url = {https://doi.org/10.2139/ssrn.5381584},
}

@misc{LLMF-0570,
  author = {Begin, J. and Gho, B. and Muppavarapu, S. and others},
  title = {Preference Optimization Drives Monoculture in LLM Prediction Markets},
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  note = {Begin, J., Gho, B., Muppavarapu, S., et al. (2026). Preference Optimization Drives Monoculture in LLM Prediction Markets (arXiv:2606.26583). arXiv. https://arxiv.org/abs/2606.26583},
  eprint = {2606.26583},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2606.26583},
}

@misc{LLMF-0190,
  author = {Benhenda, M.},
  title = {Look-Ahead-Bench: a Standardized Benchmark of Look-ahead Bias in Point-in-Time LLMs for Finance},
  year = {2026},
  note = {Benhenda, M. (2026). Look-Ahead-Bench: a Standardized Benchmark of Look-ahead Bias in Point-in-Time LLMs for Finance (arXiv:2601.13770). arXiv. https://arxiv.org/abs/2601.13770},
  eprint = {2601.13770},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2601.13770},
}

@misc{LLMF-0410,
  author = {Bertomeu, J. and Cheynel, E. and Lunawat, R. and Milone, M.},
  title = {On humans and AI: A financial reporting dilemma},
  year = {2026},
  note = {Bertomeu, J., Cheynel, E., Lunawat, R., \& Milone, M. (2026). On humans and AI: A financial reporting dilemma (MPRA Paper No. 128775). https://mpra.ub.uni-muenchen.de/128775/},
  url = {https://mpra.ub.uni-muenchen.de/128775/},
}

@misc{LLMF-0588,
  author = {Bhagwat, V. and Cookson, J. A. and Dim, C. and Niessner, M.},
  title = {The Market’s Mirror: Revealing Investor Disagreement with LLMs},
  year = {2025},
  note = {Bhagwat, V., Cookson, J. A., Dim, C., \& Niessner, M. (2025). The Market’s Mirror: Revealing Investor Disagreement with LLMs (SSRN Working Paper 5375473, draft of July 2025). https://doi.org/10.2139/ssrn.5375473},
  doi = {10.2139/ssrn.5375473},
  url = {https://doi.org/10.2139/ssrn.5375473},
}

@misc{LLMF-0057,
  author = {Biancotti, C. and Camassa, C. and Coletta, A. and others},
  title = {Chat Bankman-Fried: an Exploration of LLM Alignment in Finance},
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  eprint = {2411.11853},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2411.11853v3},
}

@misc{bikhchandani-sharma-2001,
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}

@misc{LLMF-0197,
  author = {Bini, P. and Cong, L. W. and Huang, X. and Jin, L. J.},
  title = {Behavioral Economics of AI: LLM Biases and Corrections},
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  eprint = {2602.09362},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2602.09362},
}

@misc{LLMF-0283,
  author = {Borjigin, Y. and Hermann, A. and Cyron, C. and Aydin, R.},
  title = {AnchorBench: A Multi-Pathway Benchmark for the Anchoring Effect in LLMs},
  year = {2026},
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  eprint = {2608.14320},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2608.14320},
}

@misc{LLMF-0306,
  author = {Bose, J.},
  title = {Recognition, Simulation, and Refusal: A Contamination-Aware Study of Classic Psychological Effects in LLM Agents},
  year = {2026},
  note = {Bose, J. (2026). Recognition, Simulation, and Refusal: A Contamination-Aware Study of Classic Psychological Effects in LLM Agents (arXiv:2609.22090). arXiv. https://arxiv.org/abs/2609.22090},
  eprint = {2609.22090},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2609.22090},
}

@misc{LLMF-0276,
  author = {Bowles, B. and Duch, R. M. and Sorescu, S. M.},
  title = {Talking to Digital Twins: Selective Disclosure and Belief Measurement in Financial Social Media},
  year = {2026},
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  eprint = {2608.01181},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2608.01181},
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@misc{brock-hommes-1998,
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@misc{LLMF-0273,
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  title = {The Innate Economic Preferences of Language Models},
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  note = {Buchanan, J., \& Foster, J. (2026). The Innate Economic Preferences of Language Models (arXiv:2607.26288). arXiv. https://arxiv.org/abs/2607.26288},
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  archivePrefix = {arXiv},
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@misc{LLMF-0404,
  author = {Bybee, L.},
  title = {Surveying Generative AI’s Economic Expectations},
  year = {2023},
  note = {Bybee, L. (2023). Surveying Generative AI’s Economic Expectations (arXiv:2305.02823v2). arXiv. https://arxiv.org/abs/2305.02823v2},
  eprint = {2305.02823},
  archivePrefix = {arXiv},
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}

@misc{calvano-et-al-2020,
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  title = {Artificial Intelligence, Algorithmic Pricing, and Collusion},
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}

@misc{LLMF-0371,
  author = {Cartea, Á. and Chang, P. and Chen, N. and Zhong, M.},
  title = {AI Bubbles with Large Language Models},
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}

@misc{chaboud-et-al-2014,
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  title = {Rise of the Machines: Algorithmic Trading in the Foreign Exchange Market},
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@misc{LLMF-0013,
  author = {Chen, J. and Yuan, S. and Ye, R. and Majumder, B. P. and Richardson, K.},
  title = {Put Your Money Where Your Mouth Is: Evaluating Strategic Planning and Execution of LLM Agents in an Auction Arena},
  year = {2024},
  note = {Chen, J., Yuan, S., Ye, R., Majumder, B. P., \& Richardson, K. (2024). Put Your Money Where Your Mouth Is: Evaluating Strategic Planning and Execution of LLM Agents in an Auction Arena (arXiv:2310.05746v4). arXiv. https://arxiv.org/abs/2310.05746v4},
  eprint = {2310.05746},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2310.05746v4},
}

@misc{LLMF-0041,
  author = {Chen, S. and Green, T. C. and Gulen, H. and Zhou, D.},
  title = {What Does ChatGPT Make of Historical Stock Returns? Extrapolation and Miscalibration in LLM Stock Return Forecasts},
  year = {2024},
  note = {Chen, S., Green, T. C., Gulen, H., \& Zhou, D. (2024). What Does ChatGPT Make of Historical Stock Returns? Extrapolation and Miscalibration in LLM Stock Return Forecasts (arXiv:2409.11540). arXiv. https://arxiv.org/abs/2409.11540},
  eprint = {2409.11540},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2409.11540},
}

@article{LLMF-0005,
  author = {Chen, Y. and Liu, T. X. and Shan, Y. and Zhong, S.},
  title = {The Emergence of Economic Rationality of GPT},
  year = {2023},
  note = {Chen, Y., Liu, T. X., Shan, Y., \& Zhong, S. (2023). The Emergence of Economic Rationality of GPT (arXiv:2305.12763v3). arXiv. https://arxiv.org/abs/2305.12763v3. Published version: Proceedings of the National Academy of Sciences 120(51):e2316205120 (2023). https://doi.org/10.1073/pnas.2316205120},
  journal = {Proceedings of the National Academy of Sciences},
  doi = {10.1073/pnas.2316205120},
  eprint = {2305.12763},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2305.12763v3},
}

@misc{LLMF-0422,
  author = {Cheng, G. and Jin, H. and Zhang, W. and others},
  title = {Learning to Conceal Risk: Controllable Multi-turn Red Teaming for LLMs in the Financial Domain},
  year = {2026},
  note = {Cheng, G., Jin, H., Zhang, W., et al. (2026). Learning to Conceal Risk: Controllable Multi-turn Red Teaming for LLMs in the Financial Domain (arXiv:2509.10546v2). arXiv. https://arxiv.org/abs/2509.10546v2. Published version: Proceedings of the 64th Annual Meeting of the Association for Computational Linguistics (Volume 1: Long Papers), pp 41005–41020 (2026). https://doi.org/10.18653/v1/2026.acl-long.1903},
  doi = {10.18653/v1/2026.acl-long.1903},
  eprint = {2509.10546},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2509.10546v2},
}

@misc{LLMF-0569,
  author = {Chupilkin, M.},
  title = {Artificial Institutions: How Institutional Design Shapes LLM Simulations},
  year = {2026},
  note = {Chupilkin, M. (2026). Artificial Institutions: How Institutional Design Shapes LLM Simulations (arXiv:2608.04020). arXiv. https://arxiv.org/abs/2608.04020},
  eprint = {2608.04020},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2608.04020},
}

@misc{LLMF-0106,
  author = {Cook, T. R. and Kazinnik, S.},
  title = {Social Group Bias in AI Finance},
  year = {2025},
  note = {Cook, T. R., \& Kazinnik, S. (2025). Social Group Bias in AI Finance (arXiv:2506.17490). arXiv. https://arxiv.org/abs/2506.17490},
  eprint = {2506.17490},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2506.17490},
}

@misc{LLMF-0272,
  author = {Coqueret, G. and Llull, J. and Oswald, F. and others},
  title = {Randomness in large language models: What researchers need to know (and report)},
  year = {2026},
  note = {Coqueret, G., Llull, J., Oswald, F., et al. (2026). Randomness in large language models: What researchers need to know (and report) (arXiv:2607.24372). arXiv. https://arxiv.org/abs/2607.24372},
  eprint = {2607.24372},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2607.24372},
}

@misc{LLMF-0426,
  author = {Csaszar, F. A. and Peterson, A. and Wilde, D.},
  title = {The Strategic Foresight of LLMs: Evidence from a Fully Prospective Venture Tournament},
  year = {2026},
  note = {Csaszar, F. A., Peterson, A., \& Wilde, D. (2026). The Strategic Foresight of LLMs: Evidence from a Fully Prospective Venture Tournament (arXiv:2602.01684). arXiv. https://arxiv.org/abs/2602.01684},
  eprint = {2602.01684},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2602.01684},
}

@misc{danielsson-et-al-2022,
  author = {Daníelsson, J. and Macrae, R. and Uthemann, A.},
  title = {Artificial intelligence and systemic risk},
  year = {2022},
  note = {Daníelsson, J., Macrae, R., \& Uthemann, A. (2022). Artificial intelligence and systemic risk. Journal of Banking \& Finance, 140, 106290. https://doi.org/10.1016/j.jbankfin.2021.106290},
  doi = {10.1016/j.jbankfin.2021.106290},
  url = {https://doi.org/10.1016/j.jbankfin.2021.106290},
}

@article{LLMF-0322,
  author = {de Castro Soares, D. and de Freitas Bittencourt, L. E. B. and Tessmann, M. S.},
  title = {Rationality and financial risk aversion in large language models: Evidence from a multi-model Holt–Laury experiment},
  year = {2026},
  note = {de Castro Soares, D., de Freitas Bittencourt, L. E. B., \& Tessmann, M. S. (2026). Rationality and financial risk aversion in large language models: Evidence from a multi-model Holt–Laury experiment. Journal of Behavioral and Experimental Finance, 51, 101235. https://doi.org/10.1016/j.jbef.2026.101235},
  journal = {Journal of Behavioral and Experimental Finance},
  doi = {10.1016/j.jbef.2026.101235},
  url = {https://doi.org/10.1016/j.jbef.2026.101235},
}

@misc{LLMF-0094,
  author = {del Rio-Chanona, R. M. and Pangallo, M. and Hommes, C.},
  title = {Can Generative AI agents behave like humans? Evidence from laboratory market experiments},
  year = {2025},
  note = {del Rio-Chanona, R. M., Pangallo, M., \& Hommes, C. (2025). Can Generative AI agents behave like humans? Evidence from laboratory market experiments (arXiv:2505.07457). arXiv. https://arxiv.org/abs/2505.07457},
  eprint = {2505.07457},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2505.07457},
}

@misc{LLMF-0262,
  author = {Dong, T. and Kunievsky, N. and Evans, J. A.},
  title = {Measuring Behavior Portability in Large Language Models},
  year = {2026},
  note = {Dong, T., Kunievsky, N., \& Evans, J. A. (2026). Measuring Behavior Portability in Large Language Models (arXiv:2606.22797). arXiv. https://arxiv.org/abs/2606.22797},
  eprint = {2606.22797},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2606.22797},
}

@misc{LLMF-0393,
  author = {Dong, Y. and Wu, F. and Zhang, K. and others},
  title = {Large Language Model Agents in Finance: A Survey Bridging Research, Practice, and Real-World Deployment},
  year = {2025},
  note = {Dong, Y., Wu, F., Zhang, K., et al. (2025). Large Language Model Agents in Finance: A Survey Bridging Research, Practice, and Real-World Deployment. In Findings of the Association for Computational Linguistics: EMNLP 2025 (pp. 17889–17907). Association for Computational Linguistics. https://doi.org/10.18653/v1/2025.findings-emnlp.972},
  doi = {10.18653/v1/2025.findings-emnlp.972},
  url = {https://doi.org/10.18653/v1/2025.findings-emnlp.972},
}

@misc{LLMF-0267,
  author = {Duan, Q. and Li, C. and Wang, C. and others},
  title = {Can Agentic Trading Systems Pay for Their Own Intelligence?},
  year = {2026},
  note = {Duan, Q., Li, C., Wang, C., et al. (2026). Can Agentic Trading Systems Pay for Their Own Intelligence? (arXiv:2607.10286v2). arXiv. https://arxiv.org/abs/2607.10286v2},
  eprint = {2607.10286},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2607.10286v2},
}

@article{LLMF-0328,
  author = {Engel, C. and Großmann, M. R. P. and Ockenfels, A.},
  title = {Integrating machine behavior into human subject experiments: a user-friendly toolkit and an application to framed prisoner’s dilemmas},
  year = {2025},
  note = {Engel, C., Großmann, M. R. P., \& Ockenfels, A. (2025). Integrating machine behavior into human subject experiments: a user-friendly toolkit and an application to framed prisoner’s dilemmas. Experimental Economics, 28, 1085–1100. https://doi.org/10.1017/eec.2025.10038},
  journal = {Experimental Economics},
  doi = {10.1017/eec.2025.10038},
  url = {https://doi.org/10.1017/eec.2025.10038},
}

@article{LLMF-0116,
  author = {Erdem, O. and Ashok, R. P.},
  title = {Artificial Finance: How AI Thinks About Money},
  year = {2025},
  note = {Erdem, O., \& Ashok, R. P. (2025). Artificial Finance: How AI Thinks About Money (arXiv:2507.10933). arXiv. https://arxiv.org/abs/2507.10933. Published version: LLMs are not weird: Comparing AI and human financial decision-making. Journal of Behavioral and Experimental Economics 120:102505 (2026). https://doi.org/10.1016/j.socec.2025.102505},
  journal = {Journal of Behavioral and Experimental Economics},
  doi = {10.1016/j.socec.2025.102505},
  eprint = {2507.10933},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2507.10933},
}

@article{LLMF-0324,
  author = {Fedyk, A. and Kakhbod, A. and Li, P. and Malmendier, U.},
  title = {AI and perception biases in investments: An experimental study},
  year = {2025},
  note = {Fedyk, A., Kakhbod, A., Li, P., \& Malmendier, U. (2025). AI and perception biases in investments: An experimental study (Working paper, draft of June 2025). https://eml.berkeley.edu/~ulrike/Papers/AI_PerceptionBias_aug2025.pdf. Published version: Journal of Financial Economics 185:104350 (2026). https://doi.org/10.1016/j.jfineco.2026.104350},
  journal = {Journal of Financial Economics},
  doi = {10.1016/j.jfineco.2026.104350},
  url = {https://eml.berkeley.edu/~ulrike/Papers/AI_PerceptionBias_aug2025.pdf},
}

@misc{LLMF-0129,
  author = {Feng, Y. and Choudhary, V. and Shrestha, Y. R.},
  title = {Noise, Adaptation, and Strategy: Assessing LLM Fidelity in Decision-Making},
  year = {2025},
  note = {Feng, Y., Choudhary, V., \& Shrestha, Y. R. (2025). Noise, Adaptation, and Strategy: Assessing LLM Fidelity in Decision-Making. In Proceedings of the 2025 Conference on Empirical Methods in Natural Language Processing (pp. 7693–7706). Association for Computational Linguistics. https://doi.org/10.18653/v1/2025.emnlp-main.391},
  doi = {10.18653/v1/2025.emnlp-main.391},
  url = {https://doi.org/10.18653/v1/2025.emnlp-main.391},
}

@misc{feuerriegel-et-al-2026,
  author = {Feuerriegel, S. and Barrie, C. and Crockett, M. J. and others},
  title = {A reporting checklist for large language models in behavioural science},
  year = {2026},
  note = {Feuerriegel, S., Barrie, C., Crockett, M. J., et al. (2026). A reporting checklist for large language models in behavioural science. Nature Human Behaviour, 10, 1182–1186. https://doi.org/10.1038/s41562-026-02492-7},
  doi = {10.1038/s41562-026-02492-7},
  url = {https://doi.org/10.1038/s41562-026-02492-7},
}

@misc{LLMF-0427,
  author = {Foltyn, R. and Olsson, J.},
  title = {The Worth of a “Wo”: Gender Bias in Financial Advice from LLMs},
  year = {2026},
  note = {Foltyn, R., \& Olsson, J. (2026). The Worth of a “Wo”: Gender Bias in Financial Advice from LLMs (NHH Department of Economics Discussion Paper SAM 04/2026). https://nva.sikt.no/registration/019c9dd82846-c8bcfc07-b8da-430f-8a58-7c1eb56a4449},
  url = {https://nva.sikt.no/registration/019c9dd82846-c8bcfc07-b8da-430f-8a58-7c1eb56a4449},
}

@misc{LLMF-0144,
  author = {Fu, W.},
  title = {The New Quant: A Survey of Large Language Models in Financial Prediction and Trading},
  year = {2025},
  note = {Fu, W. (2025). The New Quant: A Survey of Large Language Models in Financial Prediction and Trading (arXiv:2510.05533). arXiv. https://arxiv.org/abs/2510.05533},
  eprint = {2510.05533},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2510.05533},
}

@misc{LLMF-0228,
  author = {Galanis, S.},
  title = {Information Aggregation with AI Agents},
  year = {2026},
  note = {Galanis, S. (2026). Information Aggregation with AI Agents (arXiv:2604.20050v3). arXiv. https://arxiv.org/abs/2604.20050v3},
  eprint = {2604.20050},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2604.20050v3},
}

@misc{LLMF-0587,
  author = {Gamble, K. J. and Hummel, P.},
  title = {When Machines Think Fast: A Behavioral Economics Test of AI},
  year = {2026},
  note = {Gamble, K. J., \& Hummel, P. (2026). When Machines Think Fast: A Behavioral Economics Test of AI (SSRN Working Paper 6843005, version posted June 12, 2026). https://doi.org/10.2139/ssrn.6843005},
  doi = {10.2139/ssrn.6843005},
  url = {https://doi.org/10.2139/ssrn.6843005},
}

@misc{LLMF-0031,
  author = {Gao, S. and Wen, Y. and Zhu, M. and others},
  title = {Simulating Financial Market via Large Language Model based Agents},
  year = {2024},
  note = {Gao, S., Wen, Y., Zhu, M., et al. (2024). Simulating Financial Market via Large Language Model based Agents (arXiv:2406.19966). arXiv. https://arxiv.org/abs/2406.19966},
  eprint = {2406.19966},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2406.19966},
}

@misc{LLMF-0415,
  author = {Gao, T. and Peng, L. and Xu, Q. and Li, G.},
  title = {Heterogeneous-Agent Financial Market Simulation with Large Language Models},
  year = {2026},
  note = {Gao, T., Peng, L., Xu, Q., \& Li, G. (2026). Heterogeneous-Agent Financial Market Simulation with Large Language Models. Procedia Computer Science, 287, 1016–1023. https://doi.org/10.1016/j.procs.2026.08.142},
  doi = {10.1016/j.procs.2026.08.142},
  url = {https://doi.org/10.1016/j.procs.2026.08.142},
}

@article{LLMF-0049,
  author = {Gao, Y. and Lee, D. and Burtch, G. and Fazelpour, S.},
  title = {Take Caution in Using LLMs as Human Surrogates: Scylla Ex Machina},
  year = {2025},
  note = {Gao, Y., Lee, D., Burtch, G., \& Fazelpour, S. (2025). Take Caution in Using LLMs as Human Surrogates: Scylla Ex Machina (arXiv:2410.19599v3). arXiv. https://arxiv.org/abs/2410.19599v3. Published version: Take caution in using LLMs as human surrogates. Proceedings of the National Academy of Sciences 122(24):e2501660122 (2025). https://doi.org/10.1073/pnas.2501660122},
  journal = {Proceedings of the National Academy of Sciences},
  doi = {10.1073/pnas.2501660122},
  eprint = {2410.19599},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2410.19599v3},
}

@misc{LLMF-0220,
  author = {Gao, Z. and Jiang, W. and Yan, Y.},
  title = {Debiasing LLMs by Fine-tuning},
  year = {2026},
  note = {Gao, Z., Jiang, W., \& Yan, Y. (2026a). Debiasing LLMs by Fine-tuning (arXiv:2604.02921v2). arXiv. https://arxiv.org/abs/2604.02921v2},
  eprint = {2604.02921},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2604.02921v2},
}

@misc{LLMF-0180,
  author = {Gao, Z. and Jiang, W. and Yan, Y.},
  title = {Detecting Lookahead Bias in LLM Forecasts},
  year = {2026},
  note = {Gao, Z., Jiang, W., \& Yan, Y. (2026b). Detecting Lookahead Bias in LLM Forecasts (arXiv:2512.23847v2). arXiv. https://arxiv.org/abs/2512.23847v2},
  eprint = {2512.23847},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2512.23847v2},
}

@misc{LLMF-0348,
  author = {Garcia, J.},
  title = {Homo Silicus is Hyper-Rational: Why LLM Agents Fail to Replicate Attention-Driven Trading},
  year = {2025},
  note = {Garcia, J. (2025). Homo Silicus is Hyper-Rational: Why LLM Agents Fail to Replicate Attention-Driven Trading (SSRN Working Paper 5901742, version revised February 16, 2026). https://doi.org/10.2139/ssrn.5901742},
  doi = {10.2139/ssrn.5901742},
  url = {https://doi.org/10.2139/ssrn.5901742},
}

@misc{LLMF-0354,
  author = {Garcia, J.},
  title = {Algorithmic Anchoring: How Prompt-Embedded Reference Points Bias LLM Financial Estimates},
  year = {2026},
  note = {Garcia, J. (2026a). Algorithmic Anchoring: How Prompt-Embedded Reference Points Bias LLM Financial Estimates (SSRN Working Paper 6366838, version posted March 9, 2026). https://doi.org/10.2139/ssrn.6366838},
  doi = {10.2139/ssrn.6366838},
  url = {https://doi.org/10.2139/ssrn.6366838},
}

@misc{LLMF-0527,
  author = {Garcia, J.},
  title = {Are Aliases Neutral? Company-Name Form in LLM Equity Valuation},
  year = {2026},
  note = {Garcia, J. (2026b). Are Aliases Neutral? Company-Name Form in LLM Equity Valuation (SSRN Working Paper 7532416). https://doi.org/10.2139/ssrn.7532416},
  doi = {10.2139/ssrn.7532416},
  url = {https://doi.org/10.2139/ssrn.7532416},
}

@misc{LLMF-0430,
  author = {Garcia, J.},
  title = {Which Number Is Sticky? What Survives Source Withdrawal in Sequential LLM Financial Analysis},
  year = {2026},
  note = {Garcia, J. (2026c). Which Number Is Sticky? What Survives Source Withdrawal in Sequential LLM Financial Analysis (SSRN Working Paper 7411618, version revised September 16, 2026). https://doi.org/10.2139/ssrn.7411618},
  doi = {10.2139/ssrn.7411618},
  url = {https://doi.org/10.2139/ssrn.7411618},
}

@misc{LLMF-0291,
  author = {Gençay, E.},
  title = {What survives honest evaluation? Leakage-safe, search-aware assessment of LLM-driven trading strategy discovery},
  year = {2026},
  note = {Gençay, E. (2026). What survives honest evaluation? Leakage-safe, search-aware assessment of LLM-driven trading strategy discovery (arXiv:2608.27734). arXiv. https://arxiv.org/abs/2608.27734},
  eprint = {2608.27734},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2608.27734},
}

@misc{gensler-bailey-2020,
  author = {Gensler, G. and Bailey, L.},
  title = {Deep Learning and Financial Stability},
  year = {2020},
  note = {Gensler, G., \& Bailey, L. (2020). Deep Learning and Financial Stability (SSRN Working Paper 3723132). https://doi.org/10.2139/ssrn.3723132},
  doi = {10.2139/ssrn.3723132},
  url = {https://doi.org/10.2139/ssrn.3723132},
}

@misc{gode-sunder-1993,
  author = {Gode, D. K. and Sunder, S.},
  title = {Allocative Efficiency of Markets with Zero-Intelligence Traders: Market as a Partial Substitute for Individual Rationality},
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  note = {Gode, D. K., \& Sunder, S. (1993). Allocative Efficiency of Markets with Zero-Intelligence Traders: Market as a Partial Substitute for Individual Rationality. Journal of Political Economy, 101, 119–137. https://doi.org/10.1086/261868},
  doi = {10.1086/261868},
  url = {https://doi.org/10.1086/261868},
}

@misc{LLMF-0257,
  author = {Graham, J. R. and Harvey, C. R. and Jha, M.},
  title = {CFOs Meet LLMs},
  year = {2026},
  note = {Graham, J. R., Harvey, C. R., \& Jha, M. (2026). CFOs Meet LLMs (arXiv:2606.13812v2). arXiv. https://arxiv.org/abs/2606.13812v2},
  eprint = {2606.13812},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2606.13812v2},
}

@misc{greenwood-thesmar-2011,
  author = {Greenwood, R. and Thesmar, D.},
  title = {Stock price fragility},
  year = {2011},
  note = {Greenwood, R., \& Thesmar, D. (2011). Stock price fragility. Journal of Financial Economics, 102, 471–490. https://doi.org/10.1016/j.jfineco.2011.06.003},
  doi = {10.1016/j.jfineco.2011.06.003},
  url = {https://doi.org/10.1016/j.jfineco.2011.06.003},
}

@misc{LLMF-0590,
  author = {Hansen, A. L. and Horton, J. J. and Kazinnik, S. and others},
  title = {Simulating the Survey of Professional Forecasters},
  year = {2025},
  note = {Hansen, A. L., Horton, J. J., Kazinnik, S., et al. (2025). Simulating the Survey of Professional Forecasters (SSRN Working Paper 5066286, draft of February 2025). https://doi.org/10.2139/ssrn.5066286},
  doi = {10.2139/ssrn.5066286},
  url = {https://doi.org/10.2139/ssrn.5066286},
}

@misc{LLMF-0139,
  author = {Hansen, A. L. and Lee, S. J.},
  title = {Financial Stability Implications of Generative AI: Taming the Animal Spirits},
  year = {2025},
  note = {Hansen, A. L., \& Lee, S. J. (2025). Financial Stability Implications of Generative AI: Taming the Animal Spirits (arXiv:2510.01451). arXiv. https://arxiv.org/abs/2510.01451. Also issued as Finance and Economics Discussion Series 2025-090, Board of Governors of the Federal Reserve System. https://doi.org/10.17016/feds.2025.090},
  doi = {10.17016/feds.2025.090},
  eprint = {2510.01451},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2510.01451},
}

@misc{LLMF-0079,
  author = {Hartley, J. and Hamill, C. B. and Seddon, D. and others},
  title = {How Personality Traits Shape LLM Risk-Taking Behaviour},
  year = {2025},
  note = {Hartley, J., Hamill, C. B., Seddon, D., et al. (2025). How Personality Traits Shape LLM Risk-Taking Behaviour. In Findings of the Association for Computational Linguistics: ACL 2025 (pp. 21068–21092). Association for Computational Linguistics. https://doi.org/10.18653/v1/2025.findings-acl.1085},
  doi = {10.18653/v1/2025.findings-acl.1085},
  url = {https://doi.org/10.18653/v1/2025.findings-acl.1085},
}

@article{LLMF-0150,
  author = {Hashimoto, R. and Takayanagi, T. and Suzuki, M. and Izumi, K.},
  title = {Agent-Based Simulation of a Financial Market with Large Language Models},
  year = {2025},
  note = {Hashimoto, R., Takayanagi, T., Suzuki, M., \& Izumi, K. (2025). Agent-Based Simulation of a Financial Market with Large Language Models (arXiv:2510.12189). arXiv. https://arxiv.org/abs/2510.12189. Published version: LLM agents reveal how human bias shapes path-dependent market dynamics. Journal of Computational Social Science 9(2):32 (2026). https://doi.org/10.1007/s42001-026-00465-4},
  journal = {Journal of Computational Social Science (published version titled 'LLM agents reveal how human bias shapes path-dependent market dynamics', 2026)},
  doi = {10.1007/s42001-026-00465-4},
  eprint = {2510.12189},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2510.12189},
}

@misc{LLMF-0554,
  author = {He, S. and Lv, L. and Manela, A. and Wu, J.},
  title = {Instruction Tuning Chronologically Consistent Language Models},
  year = {2025},
  note = {He, S., Lv, L., Manela, A., \& Wu, J. (2025). Instruction Tuning Chronologically Consistent Language Models (arXiv:2510.11677v2). arXiv. https://arxiv.org/abs/2510.11677v2},
  eprint = {2510.11677},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2510.11677v2},
}

@misc{heemeijer-et-al-2009,
  author = {Heemeijer, P. and Hommes, C. and Sonnemans, J. and Tuinstra, J.},
  title = {Price stability and volatility in markets with positive and negative expectations feedback: An experimental investigation},
  year = {2009},
  note = {Heemeijer, P., Hommes, C., Sonnemans, J., \& Tuinstra, J. (2009). Price stability and volatility in markets with positive and negative expectations feedback: An experimental investigation. Journal of Economic Dynamics and Control, 33, 1052–1072. https://doi.org/10.1016/j.jedc.2008.09.009},
  doi = {10.1016/j.jedc.2008.09.009},
  url = {https://doi.org/10.1016/j.jedc.2008.09.009},
}

@misc{LLMF-0074,
  author = {Henning, T. and Ojha, S. M. and Spoon, R. and others},
  title = {LLM Agents Do Not Replicate Human Market Traders: Evidence From Experimental Finance},
  year = {2025},
  note = {Henning, T., Ojha, S. M., Spoon, R., et al. (2025). LLM Agents Do Not Replicate Human Market Traders: Evidence From Experimental Finance (arXiv:2502.15800v3). arXiv. https://arxiv.org/abs/2502.15800v3},
  eprint = {2502.15800},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2502.15800v3},
}

@article{LLMF-0551,
  author = {Hintze, A. and Bisht, C. and Schossau, J. and Hertwig, R.},
  title = {Nonlinear transformation of probabilities by large language models},
  year = {2025},
  note = {Hintze, A., Bisht, C., Schossau, J., \& Hertwig, R. (2025). Nonlinear transformation of probabilities by large language models. Computers in Human Behavior: Artificial Humans, 6, 100227. https://doi.org/10.1016/j.chbah.2025.100227},
  journal = {Computers in Human Behavior: Artificial Humans},
  doi = {10.1016/j.chbah.2025.100227},
  url = {https://doi.org/10.1016/j.chbah.2025.100227},
}

@misc{LLMF-0347,
  author = {Hirano, M.},
  title = {Building LLM-Based Artificial Market Simulations: Can LLMs Function as Agents in Multi-agent Simulations for Finance? In},
  year = {2025},
  note = {Hirano, M. (2025). Building LLM-Based Artificial Market Simulations: Can LLMs Function as Agents in Multi-agent Simulations for Finance? In PRIMA 2025: Principles and Practice of Multi-Agent Systems (pp. 56–71). Springer Nature Switzerland. https://doi.org/10.1007/978-3-032-13562-9_5},
  doi = {10.1007/978-3-032-13562-9_5},
  url = {https://doi.org/10.1007/978-3-032-13562-9_5},
}

@misc{hommes-2011,
  author = {Hommes, C.},
  title = {The heterogeneous expectations hypothesis: Some evidence from the lab},
  year = {2011},
  note = {Hommes, C. (2011). The heterogeneous expectations hypothesis: Some evidence from the lab. Journal of Economic Dynamics and Control, 35, 1–24. https://doi.org/10.1016/j.jedc.2010.10.003},
  doi = {10.1016/j.jedc.2010.10.003},
  url = {https://doi.org/10.1016/j.jedc.2010.10.003},
}

@misc{hommes-et-al-2008,
  author = {Hommes, C. and Sonnemans, J. and Tuinstra, J. and van de Velden, H.},
  title = {Expectations and bubbles in asset pricing experiments},
  year = {2008},
  note = {Hommes, C., Sonnemans, J., Tuinstra, J., \& van de Velden, H. (2008). Expectations and bubbles in asset pricing experiments. Journal of Economic Behavior \& Organization, 67, 116–133. https://doi.org/10.1016/j.jebo.2007.06.006},
  doi = {10.1016/j.jebo.2007.06.006},
  url = {https://doi.org/10.1016/j.jebo.2007.06.006},
}

@misc{LLMF-0001,
  author = {Horton, J. J. and Filippas, A. and Manning, B. S.},
  title = {Large Language Models as Simulated Economic Agents: What Can We Learn from Homo Silicus?},
  year = {2026},
  note = {Horton, J. J., Filippas, A., \& Manning, B. S. (2026). Large Language Models as Simulated Economic Agents: What Can We Learn from Homo Silicus? (arXiv:2301.07543v2). arXiv. https://arxiv.org/abs/2301.07543v2. Published version (extended abstract): Proceedings of the 25th ACM Conference on Economics and Computation, pp 614–615 (2024). https://doi.org/10.1145/3670865.3673513},
  doi = {10.1145/3670865.3673513},
  eprint = {2301.07543},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2301.07543v2},
}

@misc{LLMF-0240,
  author = {Hu, X. and Zhao, J.},
  title = {Fin-Bias: Comprehensive Evaluation for LLM Decision-Making under human bias in Finance Domain},
  year = {2026},
  note = {Hu, X., \& Zhao, J. (2026). Fin-Bias: Comprehensive Evaluation for LLM Decision-Making under human bias in Finance Domain (arXiv:2605.09106). arXiv. https://arxiv.org/abs/2605.09106. Published version: Findings of the Association for Computational Linguistics: ACL 2026, pp 5678–5694 (2026). https://doi.org/10.18653/v1/2026.findings-acl.279},
  doi = {10.18653/v1/2026.findings-acl.279},
  eprint = {2605.09106},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2605.09106},
}

@misc{LLMF-0254,
  author = {Huang, C. and Chen, C. and Lin, C. and others},
  title = {Probing Outcome-Level Resemblance and Mechanism-Level Alignment in LLM Risk Decisions: Evidence from the St. Petersburg Game},
  year = {2026},
  note = {Huang, C., Chen, C., Lin, C., et al. (2026a). Probing Outcome-Level Resemblance and Mechanism-Level Alignment in LLM Risk Decisions: Evidence from the St. Petersburg Game (arXiv:2606.04978). arXiv. https://arxiv.org/abs/2606.04978},
  eprint = {2606.04978},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2606.04978},
}

@misc{LLMF-0100,
  author = {Huang, Y. and Bie, B. and Na, Z. and others},
  title = {Understanding the Anchoring Effect of LLM with Synthetic Data: Existence, Mechanism, and Potential Mitigations},
  year = {2026},
  note = {Huang, Y., Bie, B., Na, Z., et al. (2026b). Understanding the Anchoring Effect of LLM with Synthetic Data: Existence, Mechanism, and Potential Mitigations (arXiv:2505.15392v2). arXiv. https://arxiv.org/abs/2505.15392v2},
  eprint = {2505.15392},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2505.15392v2},
}

@article{LLMF-0539,
  author = {Itzhak, I. and Stanovsky, G. and Rosenfeld, N. and Belinkov, Y.},
  title = {Instructed to Bias: Instruction-Tuned Language Models Exhibit Emergent Cognitive Bias},
  year = {2024},
  note = {Itzhak, I., Stanovsky, G., Rosenfeld, N., \& Belinkov, Y. (2024). Instructed to Bias: Instruction-Tuned Language Models Exhibit Emergent Cognitive Bias (arXiv:2308.00225v2). arXiv. https://arxiv.org/abs/2308.00225v2. Published version: Transactions of the Association for Computational Linguistics 12:771–785 (2024). https://doi.org/10.1162/tacl_a_00673},
  journal = {Transactions of the Association for Computational Linguistics},
  doi = {10.1162/tacl_a_00673},
  eprint = {2308.00225},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2308.00225v2},
}

@article{LLMF-0374,
  author = {Jadhav, A. and Mirza, V.},
  title = {Large Language Models in equity markets: applications, techniques, and insights},
  year = {2025},
  note = {Jadhav, A., \& Mirza, V. (2025). Large Language Models in equity markets: applications, techniques, and insights. Frontiers in Artificial Intelligence, 8, 1608365. https://doi.org/10.3389/frai.2025.1608365},
  journal = {Frontiers in Artificial Intelligence},
  doi = {10.3389/frai.2025.1608365},
  url = {https://doi.org/10.3389/frai.2025.1608365},
}

@misc{LLMF-0040,
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  title = {An Experimental Study of Competitive Market Behavior Through LLMs},
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  eprint = {2409.08357},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2409.08357v2},
}

@misc{LLMF-0029,
  author = {Jia, J. and Yuan, Z. and Pan, J. and others},
  title = {Decision-Making Behavior Evaluation Framework for LLMs under Uncertain Context},
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  doi = {10.52202/079017-3601},
  eprint = {2406.05972},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2406.05972v2},
}

@misc{jo-et-al-2026,
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@article{LLMF-0403,
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@misc{khandani-lo-2011,
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@misc{LLMF-0164,
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  title = {LLM Output Drift: Cross-Provider Validation \& Mitigation for Financial Workflows},
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  eprint = {2511.07585},
  archivePrefix = {arXiv},
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@misc{LLMF-0358,
  author = {Khoukhi, A. and Slimani, I.},
  title = {From Agent-Based Models to LLM-Based Financial Agents: A PRISMA-Based Systematic Review, Multidimensional Taxonomy, and Future Research Agenda},
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@misc{LLMF-0035,
  author = {Kim, A. and Muhn, M. and Nikolaev, V.},
  title = {Financial Statement Analysis with Large Language Models},
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  note = {Kim, A., Muhn, M., \& Nikolaev, V. (2024). Financial Statement Analysis with Large Language Models (arXiv:2407.17866v2). arXiv. https://arxiv.org/abs/2407.17866v2. Withdrawn by the authors in arXiv version 3 (February 20, 2025); the text of version 2 was read.},
  eprint = {2407.17866},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2407.17866v2},
}

@misc{kim-et-al-2025,
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@misc{kleinberg-raghavan-2021,
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@misc{LLMF-0137,
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  title = {The Bias is in the Details: An Assessment of Cognitive Bias in LLMs},
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  eprint = {2509.22856},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2509.22856},
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@misc{LLMF-0199,
  author = {Kong, Y. and Lee, H. and Hwang, Y. and others},
  title = {Evaluating LLMs in Finance Requires Explicit Bias Consideration},
  year = {2026},
  note = {Kong, Y., Lee, H., Hwang, Y., et al. (2026). Evaluating LLMs in Finance Requires Explicit Bias Consideration (arXiv:2602.14233). arXiv. https://arxiv.org/abs/2602.14233},
  eprint = {2602.14233},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2602.14233},
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@article{LLMF-0340,
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  title = {Large Language Models for Financial and Investment Management: Applications and Benchmarks},
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  doi = {10.3905/jpm.2024.1.645},
  url = {https://doi.org/10.3905/jpm.2024.1.645},
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@misc{LLMF-0443,
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  title = {Reproducibility in the TradingAgents Framework},
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@misc{lakonishok-et-al-1992,
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@misc{lebaron-2006,
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@misc{LLMF-0429,
  author = {Lee, H. and Park, S. and Lee, S. and others},
  title = {When Summaries Distort Decisions: Information Fidelity in LLM-Compressed Financial Analysis},
  year = {2026},
  note = {Lee, H., Park, S., Lee, S., et al. (2026). When Summaries Distort Decisions: Information Fidelity in LLM-Compressed Financial Analysis (arXiv:2606.29251v3). arXiv. https://arxiv.org/abs/2606.29251v3},
  eprint = {2606.29251},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2606.29251v3},
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@misc{LLMF-0120,
  author = {Lee, H. and Seo, J. and Park, S. and others},
  title = {Your AI, Not Your View: The Bias of LLMs in Investment Analysis},
  year = {2025},
  note = {Lee, H., Seo, J., Park, S., et al. (2025). Your AI, Not Your View: The Bias of LLMs in Investment Analysis (arXiv:2507.20957v4). arXiv. https://arxiv.org/abs/2507.20957v4. Published version: Proceedings of the 6th ACM International Conference on AI in Finance, pp 150–158 (2025). https://doi.org/10.1145/3768292.3770375},
  doi = {10.1145/3768292.3770375},
  eprint = {2507.20957},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2507.20957v4},
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@misc{LLMF-0230,
  author = {Lehner, S. and Lopez-Lira, A.},
  title = {ChatGPT as a Time Capsule: The Limits of Price Discovery},
  year = {2026},
  note = {Lehner, S., \& Lopez-Lira, A. (2026). ChatGPT as a Time Capsule: The Limits of Price Discovery (arXiv:2604.21433). arXiv. https://arxiv.org/abs/2604.21433},
  eprint = {2604.21433},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2604.21433},
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@misc{LLMF-0060,
  author = {Li, E. and Shen, M. and Tu, Z. and Zhou, D.},
  title = {The Promise and Peril of Generative AI: Evidence from GPT as Sell-Side Analysts},
  year = {2025},
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  eprint = {2412.01069},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2412.01069v2},
}

@misc{LLMF-0183,
  author = {Li, T. and Yu, L.},
  title = {ESG Beliefs of Large Language Models: Evidence and Impact},
  year = {2025},
  note = {Li, T., \& Yu, L. (2025). ESG Beliefs of Large Language Models: Evidence and Impact (arXiv:2601.00836). arXiv. https://arxiv.org/abs/2601.00836},
  eprint = {2601.00836},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2601.00836},
}

@misc{LLMF-0093,
  author = {Li, W. W. and Kim, H. and Cucuringu, M. and Ma, T.},
  title = {Can LLM-based Financial Investing Strategies Outperform the Market in Long Run?},
  year = {2026},
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  doi = {10.1145/3770854.3785702},
  eprint = {2505.07078},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2505.07078v6},
}

@misc{LLMF-0146,
  author = {Li, X. and Zeng, Y. and Xing, X. and others},
  title = {Profit Mirage: Revisiting Information Leakage in LLM-based Financial Agents},
  year = {2025},
  note = {Li, X., Zeng, Y., Xing, X., et al. (2025b). Profit Mirage: Revisiting Information Leakage in LLM-based Financial Agents (arXiv:2510.07920). arXiv. https://arxiv.org/abs/2510.07920},
  eprint = {2510.07920},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2510.07920},
}

@misc{LLMF-0418,
  author = {Li, Z. and Su, Y. and White, M. and others},
  title = {Your Agent Says Yes: Interpreting Adversarial Market Behavior Beyond Individual Transactions},
  year = {2026},
  note = {Li, Z., Su, Y., White, M., et al. (2026b). Your Agent Says Yes: Interpreting Adversarial Market Behavior Beyond Individual Transactions (arXiv:2609.07675v2). arXiv. https://arxiv.org/abs/2609.07675v2},
  eprint = {2609.07675},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2609.07675v2},
}

@misc{LLMF-0589,
  author = {Lim, Y.},
  title = {Is Artificial Intelligence (AI) Risk-Averse?},
  year = {2025},
  note = {Lim, Y. (2025). Is Artificial Intelligence (AI) Risk-Averse? [Paper presented at the American Finance Association Annual Meeting, January 4, 2025]. https://afajof.org/management/viewp.php?n=86324},
  url = {https://afajof.org/management/viewp.php?n=86324},
}

@misc{LLMF-0399,
  author = {Lin, S.},
  title = {Real Bubbles, Synthetic Traders: AI-Agent-Based Simulations of the Speculative Market},
  year = {2025},
  note = {Lin, S. (2025). Real Bubbles, Synthetic Traders: AI-Agent-Based Simulations of the Speculative Market (Bachelor’s thesis, Harvard College). https://dash.harvard.edu/handle/1/42719538},
  url = {https://dash.harvard.edu/handle/1/42719538},
}

@article{LLMF-0108,
  author = {Liu, J. and Song, B. and Dixit, V. and others},
  title = {Can large language models capture human risk preferences? A cross-cultural study},
  year = {2026},
  note = {Liu, J., Song, B., Dixit, V., et al. (2026a). Can large language models capture human risk preferences? A cross-cultural study. Communications in Transportation Research, 6, 9640025. https://doi.org/10.26599/commtr.2026.9640025},
  journal = {Communications in Transportation Research},
  doi = {10.26599/commtr.2026.9640025},
  url = {https://doi.org/10.26599/commtr.2026.9640025},
}

@misc{LLMF-0512,
  author = {Liu, K. and Chen, L.},
  title = {OOM-RL: Out-of-Money Reinforcement Learning Market-Driven Alignment for LLM-Based Multi-Agent Systems},
  year = {2026},
  note = {Liu, K., \& Chen, L. (2026). OOM-RL: Out-of-Money Reinforcement Learning Market-Driven Alignment for LLM-Based Multi-Agent Systems (arXiv:2604.11477). arXiv. https://arxiv.org/abs/2604.11477},
  eprint = {2604.11477},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2604.11477},
}

@misc{LLMF-0290,
  author = {Liu, M. and Liu, Z.},
  title = {Reading Is Not Using: Retrieval, Judgment, and the Design of AI Financial Research Workflows},
  year = {2026},
  note = {Liu, M., \& Liu, Z. (2026). Reading Is Not Using: Retrieval, Judgment, and the Design of AI Financial Research Workflows (arXiv:2608.24842). arXiv. https://arxiv.org/abs/2608.24842},
  eprint = {2608.24842},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2608.24842},
}

@article{LLMF-0416,
  author = {Liu, Q. and Yao, L. and Wang, Z. and others},
  title = {Large language model-based multi-agent systems for financial markets simulation: a survey},
  year = {2026},
  note = {Liu, Q., Yao, L., Wang, Z., et al. (2026b). Large language model-based multi-agent systems for financial markets simulation: a survey. Science China Information Sciences, 69, 171201. https://doi.org/10.1007/s11432-026-4986-x},
  journal = {Science China Information Sciences},
  doi = {10.1007/s11432-026-4986-x},
  url = {https://doi.org/10.1007/s11432-026-4986-x},
}

@misc{LLMF-0090,
  author = {Lopez-Lira, A.},
  title = {Can Large Language Models Trade? Testing Financial Theories with LLM Agents in Market Simulations},
  year = {2025},
  note = {Lopez-Lira, A. (2025). Can Large Language Models Trade? Testing Financial Theories with LLM Agents in Market Simulations (arXiv:2504.10789). arXiv. https://arxiv.org/abs/2504.10789},
  eprint = {2504.10789},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2504.10789},
}

@misc{LLMF-0092,
  author = {Lopez-Lira, A. and Tang, Y. and Zhu, M.},
  title = {The Memorization Problem: Can We Trust LLMs’ Economic Forecasts?},
  year = {2025},
  note = {Lopez-Lira, A., Tang, Y., \& Zhu, M. (2025). The Memorization Problem: Can We Trust LLMs’ Economic Forecasts? (arXiv:2504.14765v2). arXiv. https://arxiv.org/abs/2504.14765v2},
  eprint = {2504.14765},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2504.14765v2},
}

@article{LLMF-0061,
  author = {Lou, J. and Sun, Y.},
  title = {Anchoring Bias in Large Language Models: An Experimental Study},
  year = {2024},
  note = {Lou, J., \& Sun, Y. (2024). Anchoring Bias in Large Language Models: An Experimental Study (arXiv:2412.06593v2). arXiv. https://arxiv.org/abs/2412.06593v2. Published version: Journal of Computational Social Science 9(1):11 (2026). https://doi.org/10.1007/s42001-025-00435-2},
  journal = {Journal of Computational Social Science},
  doi = {10.1007/s42001-025-00435-2},
  eprint = {2412.06593},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2412.06593v2},
}

@misc{LLMF-0285,
  author = {Luo, Y. and Jiang, Y. and Xie, Q. and others},
  title = {ReguSim: Evaluating LLM Agent Rule Grounding in Financial Compliance},
  year = {2026},
  note = {Luo, Y., Jiang, Y., Xie, Q., et al. (2026). ReguSim: Evaluating LLM Agent Rule Grounding in Financial Compliance (arXiv:2608.19974). arXiv. https://arxiv.org/abs/2608.19974},
  eprint = {2608.19974},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2608.19974},
}

@misc{LLMF-0076,
  author = {Ma, T. and Du, J. and Huang, W. and others},
  title = {Agent Trading Arena: A Study on Numerical Understanding in LLM-Based Agents},
  year = {2025},
  note = {Ma, T., Du, J., Huang, W., et al. (2025). Agent Trading Arena: A Study on Numerical Understanding in LLM-Based Agents (arXiv:2502.17967v2). arXiv. https://arxiv.org/abs/2502.17967v2. Published version: Findings of the Association for Computational Linguistics: EMNLP 2025, pp 5496–5514 (2025). https://doi.org/10.18653/v1/2025.findings-emnlp.294},
  doi = {10.18653/v1/2025.findings-emnlp.294},
  eprint = {2502.17967},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2502.17967v2},
}

@misc{LLMF-0595,
  author = {Magar, J.},
  title = {Man v Machine: Technical System Architecture and Design Rationale},
  year = {2026},
  note = {Magar, J. (2026). Man v Machine: Technical System Architecture and Design Rationale (SSRN Working Paper 6823938). https://doi.org/10.2139/ssrn.6823938},
  doi = {10.2139/ssrn.6823938},
  url = {https://doi.org/10.2139/ssrn.6823938},
}

@misc{LLMF-0202,
  author = {Maresca, C.},
  title = {Can Interest-Bearing Positions Solve the Long-Horizon Problem in Prediction Markets?},
  year = {2026},
  note = {Maresca, C. (2026). Can Interest-Bearing Positions Solve the Long-Horizon Problem in Prediction Markets? (arXiv:2602.21091). arXiv. https://arxiv.org/abs/2602.21091},
  eprint = {2602.21091},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2602.21091},
}

@misc{LLMF-0017,
  author = {Mei, Q. and Xie, Y. and Yuan, W. and Jackson, M. O.},
  title = {A Turing Test: Are AI Chatbots Behaviorally Similar to Humans?},
  year = {2024},
  note = {Mei, Q., Xie, Y., Yuan, W., \& Jackson, M. O. (2024). A Turing Test: Are AI Chatbots Behaviorally Similar to Humans? (arXiv:2312.00798v2). arXiv. https://arxiv.org/abs/2312.00798v2. Published version: A Turing test of whether AI chatbots are behaviorally similar to humans. Proceedings of the National Academy of Sciences 121(9):e2313925121 (2024). https://doi.org/10.1073/pnas.2313925121},
  doi = {10.1073/pnas.2313925121},
  eprint = {2312.00798},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2312.00798v2},
}

@misc{LLMF-0205,
  author = {Menon, A. and Saebo, M. and Crosse, T. and others},
  title = {Inherited Goal Drift: Contextual Pressure Can Undermine Agentic Goals},
  year = {2026},
  note = {Menon, A., Saebo, M., Crosse, T., et al. (2026). Inherited Goal Drift: Contextual Pressure Can Undermine Agentic Goals (arXiv:2603.03258). arXiv. https://arxiv.org/abs/2603.03258},
  eprint = {2603.03258},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2603.03258},
}

@article{LLMF-0203,
  author = {Miyazaki, K. and Kawahara, T. and Roberts, S. and Zohren, S.},
  title = {Toward Expert Investment Teams: A Multi-Agent LLM System with Fine-Grained Trading Tasks},
  year = {2026},
  note = {Miyazaki, K., Kawahara, T., Roberts, S., \& Zohren, S. (2026). Toward Expert Investment Teams: A Multi-Agent LLM System with Fine-Grained Trading Tasks (arXiv:2602.23330). arXiv. https://arxiv.org/abs/2602.23330. Published version: The Journal of Financial Data Science 8(3):168–202 (2026). https://doi.org/10.3905/jfds.2026.008},
  journal = {The Journal of Financial Data Science},
  doi = {10.3905/jfds.2026.008},
  eprint = {2602.23330},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2602.23330},
}

@article{LLMF-0258,
  author = {Morla, T. and Bellibatlu, R. R. and Singh, M. and Kapoor, M. S.},
  title = {AgentFairBench: Do LLM Agents Discriminate When They Act?},
  year = {2026},
  note = {Morla, T., Bellibatlu, R. R., Singh, M., \& Kapoor, M. S. (2026). AgentFairBench: Do LLM Agents Discriminate When They Act? (arXiv:2606.16723v2). arXiv. https://arxiv.org/abs/2606.16723v2. Published version: IEEE Access (2026). https://doi.org/10.1109/access.2026.3736808},
  journal = {IEEE Access},
  doi = {10.1109/access.2026.3736808},
  eprint = {2606.16723},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2606.16723v2},
}

@misc{LLMF-0289,
  author = {Na, C. and Ni, H. and Szpruch, L. and others},
  title = {Poisoning Agentic Alpha: Adversarial Vulnerabilities Across Roles and Architectures in Multi-Agent Trading Systems},
  year = {2026},
  note = {Na, C., Ni, H., Szpruch, L., et al. (2026). Poisoning Agentic Alpha: Adversarial Vulnerabilities Across Roles and Architectures in Multi-Agent Trading Systems (arXiv:2608.24069). arXiv. https://arxiv.org/abs/2608.24069},
  eprint = {2608.24069},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2608.24069},
}

@misc{LLMF-0219,
  author = {Nguyen, P. and Pham, T.},
  title = {Toward Reliable Evaluation of LLM-Based Financial Multi-Agent Systems: Taxonomy, Coordination Primacy, and Cost Awareness},
  year = {2026},
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  doi = {10.1007/978-981-92-2014-4_26},
  eprint = {2603.27539},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2603.27539},
}

@misc{ostrovsky-2012,
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}

@misc{LLMF-0226,
  author = {Ouyang, S. and Sui, P.},
  title = {Dissecting AI Trading: Behavioral Finance and Market Bubbles},
  year = {2026},
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  eprint = {2604.18373},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2604.18373},
}

@misc{LLMF-0028,
  author = {Ouyang, S. and Yun, H. and Zheng, X.},
  title = {AI as Decision-Maker: Ethics and Risk Preferences of LLMs},
  year = {2025},
  note = {Ouyang, S., Yun, H., \& Zheng, X. (2025). AI as Decision-Maker: Ethics and Risk Preferences of LLMs (arXiv:2406.01168v3). arXiv. https://arxiv.org/abs/2406.01168v3},
  eprint = {2406.01168},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2406.01168v3},
}

@misc{LLMF-0287,
  author = {Park, S. and Park, S. and Lee, H. and others},
  title = {Your AI, On a Dial: Controlling Investment Bias in LLMs with a Single Neuron},
  year = {2026},
  note = {Park, S., Park, S., Lee, H., et al. (2026). Your AI, On a Dial: Controlling Investment Bias in LLMs with a Single Neuron (arXiv:2608.22852). arXiv. https://arxiv.org/abs/2608.22852},
  eprint = {2608.22852},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2608.22852},
}

@misc{LLMF-0124,
  author = {Payne, K.},
  title = {An analysis of AI Decision under Risk: Prospect theory emerges in Large Language Models},
  year = {2025},
  note = {Payne, K. (2025). An analysis of AI Decision under Risk: Prospect theory emerges in Large Language Models (arXiv:2508.00902). arXiv. https://arxiv.org/abs/2508.00902},
  eprint = {2508.00902},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2508.00902},
}

@misc{LLMF-0229,
  author = {Powdthavee, N.},
  title = {Large Language Models Outperform Humans in Fraud Detection and Resistance to Motivated Investor Pressure},
  year = {2026},
  note = {Powdthavee, N. (2026). Large Language Models Outperform Humans in Fraud Detection and Resistance to Motivated Investor Pressure (arXiv:2604.20652). arXiv. https://arxiv.org/abs/2604.20652},
  eprint = {2604.20652},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2604.20652},
}

@misc{LLMF-0417,
  author = {Qian, H.},
  title = {Nous: An Attempt to Extract and Inject the Cognition Behind Prediction-Market Behavior},
  year = {2026},
  note = {Qian, H. (2026). Nous: An Attempt to Extract and Inject the Cognition Behind Prediction-Market Behavior (arXiv:2606.13038). arXiv. https://arxiv.org/abs/2606.13038},
  eprint = {2606.13038},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2606.13038},
}

@misc{LLMF-0232,
  author = {Ross, J. and Lo, A. W.},
  title = {One Size Fits None: Heuristic Collapse in LLM Investment Advice},
  year = {2026},
  note = {Ross, J., \& Lo, A. W. (2026). One Size Fits None: Heuristic Collapse in LLM Investment Advice (arXiv:2604.23837). arXiv. https://arxiv.org/abs/2604.23837},
  eprint = {2604.23837},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2604.23837},
}

@misc{LLMF-0298,
  author = {Ross, J. and So, E. and De Simone, Z. and others},
  title = {Why Better Models Can Create Riskier Systems: Evidence from LLM Agents in Financial Markets},
  year = {2026},
  note = {Ross, J., So, E., De Simone, Z., et al. (2026). Why Better Models Can Create Riskier Systems: Evidence from LLM Agents in Financial Markets (arXiv:2609.04373). arXiv. https://arxiv.org/abs/2609.04373},
  eprint = {2609.04373},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2609.04373},
}

@misc{LLMF-0440,
  author = {Roy, D. and Misra, R. and Singh, S. K. and Roy, A.},
  title = {MemGuard-Alpha: Limits of Membership Inference for Detecting and Filtering Memorization-Contaminated Signals in LLM-Based Financial Forecasting},
  year = {2026},
  note = {Roy, D., Misra, R., Singh, S. K., \& Roy, A. (2026). MemGuard-Alpha: Limits of Membership Inference for Detecting and Filtering Memorization-Contaminated Signals in LLM-Based Financial Forecasting (arXiv:2603.26797v2). arXiv. https://arxiv.org/abs/2603.26797v2. The arXiv record lists two authors; the four listed here are those of the version read.},
  eprint = {2603.26797},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2603.26797v2},
}

@misc{LLMF-0390,
  author = {Roychoudhury, S.},
  title = {Do Language Models Round and “Manage” Earnings Forecasts? Round Numbers and Meet-or-Beat Beliefs in LLM EPS Forecasts},
  year = {2026},
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  doi = {10.2139/ssrn.7143218},
  url = {https://doi.org/10.2139/ssrn.7143218},
}

@misc{LLMF-0350,
  author = {Ruano, C. and Rajan, S.},
  title = {Social Contagion and Bank Runs: An Agent-Based Model with LLM Depositors},
  year = {2026},
  note = {Ruano, C., \& Rajan, S. (2026). Social Contagion and Bank Runs: An Agent-Based Model with LLM Depositors (arXiv:2602.15066). arXiv. https://arxiv.org/abs/2602.15066},
  eprint = {2602.15066},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2602.15066},
}

@misc{LLMF-0423,
  author = {Rumpf, M. and Haliassos, M. and Kosyakova, T. and Otter, T.},
  title = {From humans to algorithms: How financial advice differs across professionals, peers, and LLMs},
  year = {2026},
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  url = {https://hdl.handle.net/10419/343086},
}

@misc{LLMF-0265,
  author = {Safder, M. U. and Gull, A. and Elbadry, R. and others},
  title = {FinPersona-Bench: A Benchmark for Longitudinal Psychometric Stability of Autonomous Financial Agents},
  year = {2026},
  note = {Safder, M. U., Gull, A., Elbadry, R., et al. (2026). FinPersona-Bench: A Benchmark for Longitudinal Psychometric Stability of Autonomous Financial Agents (arXiv:2606.31522v2). arXiv. https://arxiv.org/abs/2606.31522v2},
  eprint = {2606.31522},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2606.31522v2},
}

@misc{LLMF-0227,
  author = {Saxena, M. and Pangallo, M. and Hommes, C. and others},
  title = {Machine Spirits: Speculation and Adaptation of LLM Agents in Asset Markets},
  year = {2026},
  note = {Saxena, M., Pangallo, M., Hommes, C., et al. (2026). Machine Spirits: Speculation and Adaptation of LLM Agents in Asset Markets (arXiv:2604.18602v2). arXiv. https://arxiv.org/abs/2604.18602v2},
  eprint = {2604.18602},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2604.18602v2},
}

@misc{LLMF-0014,
  author = {Scheurer, J. and Balesni, M. and Hobbhahn, M.},
  title = {Large Language Models can Strategically Deceive their Users when Put Under Pressure},
  year = {2024},
  note = {Scheurer, J., Balesni, M., \& Hobbhahn, M. (2024). Large Language Models can Strategically Deceive their Users when Put Under Pressure (arXiv:2311.07590v4). arXiv. https://arxiv.org/abs/2311.07590v4},
  eprint = {2311.07590},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2311.07590v4},
}

@misc{LLMF-0435,
  author = {Shah, A. and Ye, L. and Jaskowski, S. and others},
  title = {Beyond the Reported Cutoff: Where Large Language Models Fall Short on Financial Knowledge},
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  note = {Shah, A., Ye, L., Jaskowski, S., et al. (2025a). Beyond the Reported Cutoff: Where Large Language Models Fall Short on Financial Knowledge (arXiv:2504.00042v2). arXiv. https://arxiv.org/abs/2504.00042v2},
  eprint = {2504.00042},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2504.00042v2},
}

@misc{LLMF-0114,
  author = {Shah, A. and Zhu, K. and Jiang, Y. and others},
  title = {Learning from Synthetic Labs: Language Models as Auction Participants},
  year = {2025},
  note = {Shah, A., Zhu, K., Jiang, Y., et al. (2025b). Learning from Synthetic Labs: Language Models as Auction Participants (arXiv:2507.09083v1). arXiv. https://arxiv.org/abs/2507.09083v1},
  eprint = {2507.09083},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2507.09083v1},
}

@misc{LLMF-0169,
  author = {Shi, J. and Hollifield, B.},
  title = {Market-Dependent Communication in Multi-Agent Alpha Generation},
  year = {2025},
  note = {Shi, J., \& Hollifield, B. (2025). Market-Dependent Communication in Multi-Agent Alpha Generation (arXiv:2511.13614). arXiv. https://arxiv.org/abs/2511.13614},
  eprint = {2511.13614},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2511.13614},
}

@misc{LLMF-0603,
  author = {Shkolnikov, Y. P.},
  title = {From Deceptive Outputs to Deceptive Mechanisms: A Causal Framework for Language-Model Deception Research},
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  eprint = {2609.04166},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2609.04166v1},
}

@misc{sias-2004,
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  title = {Institutional Herding},
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}

@misc{smith-1962,
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@misc{smith-et-al-1988,
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@misc{LLMF-0301,
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  title = {The Profit Alignment Problem: How Profit Mandates Induce Alignment Failures in LLMs},
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  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2609.07731},
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@misc{LLMF-0295,
  author = {Struski, P. and Swistak, J. and Okulska, I. and Biecek, P.},
  title = {Competitive Market Behavior of LLMs},
  year = {2026},
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  eprint = {2609.02580},
  archivePrefix = {arXiv},
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@misc{LLMF-0305,
  author = {Sua, Q. R. and Dong, J. and Thai, N. D. and others},
  title = {Contagion on the Trading Floor: How Adversarial Signals Spread in Multi-Agent Trading Systems},
  year = {2026},
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  doi = {10.1007/978-3-032-37673-2_12},
  eprint = {2609.19789},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2609.19789},
}

@misc{LLMF-0542,
  author = {Sun, B. and Min, R. and Wang, Y. and others},
  title = {Some Large Language Models Exhibit Consistent Risk Attitudes},
  year = {2026},
  note = {Sun, B., Min, R., Wang, Y., et al. (2026). Some Large Language Models Exhibit Consistent Risk Attitudes (arXiv:2607.16197). arXiv. https://arxiv.org/abs/2607.16197},
  eprint = {2607.16197},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2607.16197},
}

@misc{LLMF-0406,
  author = {Tan, L. and Li, C.},
  title = {Dissecting Disposition Effect of Large Language Models in Financial Decisions},
  year = {2024},
  note = {Tan, L., \& Li, C. (2024). Dissecting Disposition Effect of Large Language Models in Financial Decisions (SSRN Working Paper 4818096). https://doi.org/10.2139/ssrn.4818096},
  doi = {10.2139/ssrn.4818096},
  url = {https://doi.org/10.2139/ssrn.4818096},
}

@misc{LLMF-0288,
  author = {Tian, A. and Ding, A. and Wu, S. and Chan, A.},
  title = {FIDES: A Concordance Protocol for LLM-Generated Trading Strategies},
  year = {2026},
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  eprint = {2608.23308},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2608.23308},
}

@misc{LLMF-0171,
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  title = {Tacit Bidder-Side Collusion: Artificial Intelligence in Dynamic Auctions},
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  eprint = {2511.21802},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2511.21802},
}

@misc{tricco-et-al-2018,
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  title = {PRISMA Extension for Scoping Reviews (PRISMA-ScR): Checklist and Explanation},
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  doi = {10.7326/m18-0850},
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}

@misc{LLMF-0543,
  author = {Tsuchihashi, T.},
  title = {How much do you bid? Answers from ChatGPT in first-price and second-price auctions},
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}

@misc{LLMF-0077,
  author = {Vidler, A. and Walsh, T.},
  title = {Shifting Power: Leveraging LLMs to Simulate Human Aversion in ABMs of Bilateral Financial Exchanges, A bond market study},
  year = {2025},
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  doi = {10.65109/ftjv9080},
  eprint = {2503.00320},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2503.00320v2},
}

@misc{LLMF-0413,
  author = {Wang, C. and Wang, C. and Zeng, S. and others},
  title = {Advanced simulation paradigm of human behaviour unveils complex financial systemic projection},
  year = {2025},
  note = {Wang, C., Wang, C., Zeng, S., et al. (2025a). Advanced simulation paradigm of human behaviour unveils complex financial systemic projection (arXiv:2503.20787v2). arXiv. https://arxiv.org/abs/2503.20787v2},
  eprint = {2503.20787},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2503.20787v2},
}

@misc{LLMF-0112,
  author = {Wang, H. and Pan, Z. and Zhang, H. and others},
  title = {InvestAlign: Overcoming Data Scarcity in Aligning Large Language Models with Investor Decision-Making Processes under Herd Behavior},
  year = {2025},
  note = {Wang, H., Pan, Z., Zhang, H., et al. (2025b). InvestAlign: Overcoming Data Scarcity in Aligning Large Language Models with Investor Decision-Making Processes under Herd Behavior (arXiv:2507.06528). arXiv. https://arxiv.org/abs/2507.06528. Published version: Proceedings of the 63rd Annual Meeting of the Association for Computational Linguistics (Volume 1: Long Papers), pp 10021–10052 (2025). https://doi.org/10.18653/v1/2025.acl-long.495},
  doi = {10.18653/v1/2025.acl-long.495},
  eprint = {2507.06528},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2507.06528},
}

@misc{LLMF-0126,
  author = {Wang, R. and Lin, Q. and Liu, J. and others},
  title = {Rethinking Prospect Theory for LLMs: Revealing the Instability of Decision-Making under Epistemic Uncertainty},
  year = {2026},
  note = {Wang, R., Lin, Q., Liu, J., et al. (2026a). Rethinking Prospect Theory for LLMs: Revealing the Instability of Decision-Making under Epistemic Uncertainty (arXiv:2508.08992v4). arXiv. https://arxiv.org/abs/2508.08992v4},
  eprint = {2508.08992},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2508.08992v4},
}

@misc{LLMF-0102,
  author = {Wang, S. and Yao, Z. and Zhang, S. and others},
  title = {When Experimental Economics Meets Large Language Models: Evidence-based Tactics},
  year = {2025},
  note = {Wang, S., Yao, Z., Zhang, S., et al. (2025c). When Experimental Economics Meets Large Language Models: Evidence-based Tactics (arXiv:2505.21371v2). arXiv. https://arxiv.org/abs/2505.21371v2},
  eprint = {2505.21371},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2505.21371v2},
}

@misc{LLMF-0255,
  author = {Wang, Y. and Dai, D. and Ma, D. and Geng, K.},
  title = {Macro Economists in the Machine: A Multi-Agent LLM Framework for Commodity-Related ETF Portfolio Construction},
  year = {2026},
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  eprint = {2606.08283},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2606.08283},
}

@misc{LLMF-0191,
  author = {Wang, Z. and Liu, Y. and Wang, T. and Liu, Z.},
  title = {Developmental trajectories of decision making and affective dynamics in large language models},
  year = {2025},
  note = {Wang, Z., Liu, Y., Wang, T., \& Liu, Z. (2025d). Developmental trajectories of decision making and affective dynamics in large language models (arXiv:2601.14268). arXiv. https://arxiv.org/abs/2601.14268},
  eprint = {2601.14268},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2601.14268},
}

@misc{LLMF-0592,
  author = {Wu, K. and Yang, B. and Ying, Z. and Zhou, D.},
  title = {Anonymization and Information Loss},
  year = {2026},
  note = {Wu, K., Yang, B., Ying, Z., \& Zhou, D. (2026). Anonymization and Information Loss (arXiv:2511.15364v2). arXiv. https://arxiv.org/abs/2511.15364v2},
  eprint = {2511.15364},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2511.15364v2},
}

@misc{LLMF-0253,
  author = {Wu, W.},
  title = {Auditing Asset-Specific Preferences in Financial Large Language Models: Evidence from Bitcoin Representations and Portfolio Allocation},
  year = {2026},
  note = {Wu, W. (2026). Auditing Asset-Specific Preferences in Financial Large Language Models: Evidence from Bitcoin Representations and Portfolio Allocation (arXiv:2606.02528v3). arXiv. https://arxiv.org/abs/2606.02528v3},
  eprint = {2606.02528},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2606.02528v3},
}

@misc{LLMF-0245,
  author = {Xia, Y. and You, P. and Wang, T. and others},
  title = {Agentic Trading: When LLM Agents Meet Financial Markets},
  year = {2026},
  note = {Xia, Y., You, P., Wang, T., et al. (2026). Agentic Trading: When LLM Agents Meet Financial Markets (arXiv:2605.19337). arXiv. https://arxiv.org/abs/2605.19337},
  eprint = {2605.19337},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2605.19337},
}

@misc{LLMF-0208,
  author = {Yan, Y. and Tang, R. and Gao, Z. and others},
  title = {DatedGPT: Preventing Lookahead Bias in Large Language Models with Time-Aware Pretraining},
  year = {2026},
  note = {Yan, Y., Tang, R., Gao, Z., et al. (2026). DatedGPT: Preventing Lookahead Bias in Large Language Models with Time-Aware Pretraining (arXiv:2603.11838v2). arXiv. https://arxiv.org/abs/2603.11838v2},
  eprint = {2603.11838},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2603.11838v2},
}

@article{LLMF-0601,
  author = {Yang, W. and Liu, H. and Wang, Y.},
  title = {From Algorithmic Trading to Generative AI: Artificial Intelligence, Systemic Risk, and the Transformation of Financial Markets},
  year = {2026},
  note = {Yang, W., Liu, H., \& Wang, Y. (2026a). From Algorithmic Trading to Generative AI: Artificial Intelligence, Systemic Risk, and the Transformation of Financial Markets. Journal of Economic Surveys. Advance online publication. https://doi.org/10.1111/joes.70167},
  journal = {Journal of Economic Surveys (online 24 Sep 2026)},
  doi = {10.1111/joes.70167},
  url = {https://doi.org/10.1111/joes.70167},
}

@misc{LLMF-0069,
  author = {Yang, Y. and Zhang, Y. and Wu, M. and others},
  title = {TwinMarket: A Scalable Behavioral and Social Simulation for Financial Markets},
  year = {2025},
  note = {Yang, Y., Zhang, Y., Wu, M., et al. (2025). TwinMarket: A Scalable Behavioral and Social Simulation for Financial Markets (arXiv:2502.01506v5). arXiv. https://arxiv.org/abs/2502.01506v5. Published version: Advances in Neural Information Processing Systems 38, pp 70830–70880 (2025). https://doi.org/10.52202/085713-2132},
  doi = {10.52202/085713-2132},
  eprint = {2502.01506},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2502.01506v5},
}

@misc{LLMF-0186,
  author = {Yang, Z. and Li, R. and Qiang, Q. and others},
  title = {FinVault: Benchmarking Financial Agent Safety in Execution-Grounded Environments},
  year = {2026},
  note = {Yang, Z., Li, R., Qiang, Q., et al. (2026b). FinVault: Benchmarking Financial Agent Safety in Execution-Grounded Environments (arXiv:2601.07853v1). arXiv. https://arxiv.org/abs/2601.07853v1. Withdrawn by the authors in arXiv version 2 (July 30, 2026); the text of version 1 was read.},
  eprint = {2601.07853},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2601.07853v1},
}

@misc{LLMF-0256,
  author = {Yao, J. and Zheng, Z. and Li, B.},
  title = {Beyond Agent Architecture: Execution Assumptions and Reproducibility in LLM-Based Trading Systems},
  year = {2026},
  note = {Yao, J., Zheng, Z., \& Li, B. (2026). Beyond Agent Architecture: Execution Assumptions and Reproducibility in LLM-Based Trading Systems (arXiv:2606.08285v2). arXiv. https://arxiv.org/abs/2606.08285v2. The text of version 2 is titled “Execution Realism and Reproducibility in LLM-Based Trading Systems: A Targeted Review and Audit.”},
  eprint = {2606.08285},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2606.08285v2},
}

@misc{LLMF-0244,
  author = {Ye, Y. and Han, J. and Hu, A. and others},
  title = {The Alpha Illusion: Reported Alpha from LLM Trading Agents Should Not Be Treated as Deployment Evidence},
  year = {2026},
  note = {Ye, Y., Han, J., Hu, A., et al. (2026). The Alpha Illusion: Reported Alpha from LLM Trading Agents Should Not Be Treated as Deployment Evidence (arXiv:2605.16895). arXiv. https://arxiv.org/abs/2605.16895},
  eprint = {2605.16895},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2605.16895},
}

@misc{LLMF-0282,
  author = {Yechiam, E. and Tarabeih, A.},
  title = {Mimicry without understanding: the origins of decision bias in large language models},
  year = {2026},
  note = {Yechiam, E., \& Tarabeih, A. (2026). Mimicry without understanding: the origins of decision bias in large language models (arXiv:2608.12339). arXiv. https://arxiv.org/abs/2608.12339},
  eprint = {2608.12339},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2608.12339},
}

@misc{LLMF-0195,
  author = {Yee, B. and Koh, P.},
  title = {Calibrating Behavioral Parameters with Large Language Models},
  year = {2026},
  note = {Yee, B., \& Koh, P. (2026). Calibrating Behavioral Parameters with Large Language Models (arXiv:2602.01022v3). arXiv. https://arxiv.org/abs/2602.01022v3. Version 2 (April 24, 2026) withdrew version 1 for revision; the text of version 3 was read, which is titled “Large Language Models as Calibrated Measurement Instruments for Behavioral Parameters.”},
  eprint = {2602.01022},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2602.01022v3},
}

@misc{LLMF-0016,
  author = {Yu, B.},
  title = {Benchmarking Large Language Model Volatility},
  year = {2023},
  note = {Yu, B. (2023). Benchmarking Large Language Model Volatility (arXiv:2311.15180). arXiv. https://arxiv.org/abs/2311.15180},
  eprint = {2311.15180},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2311.15180},
}

@article{LLMF-0036,
  author = {Zhang, C. and Liu, X. and Zhang, Z. and others},
  title = {When AI Meets Finance (StockAgent): Large Language Model-based Stock Trading in Simulated Real-world Environments},
  year = {2026},
  note = {Zhang, C., Liu, X., Zhang, Z., et al. (2026a). When AI Meets Finance (StockAgent): Large Language Model-based Stock Trading in Simulated Real-world Environments (arXiv:2407.18957v5). arXiv. https://arxiv.org/abs/2407.18957v5. Published version: When AI Meets Finance (StockAgent): A Benchmark for Simulating Large Language Model Behaviors in Controlled Trading Environments. ACM Transactions on Intelligent Systems and Technology (2026). https://doi.org/10.1145/3844605},
  journal = {ACM Transactions on Intelligent Systems and Technology},
  doi = {10.1145/3844605},
  eprint = {2407.18957},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2407.18957v5},
}

@misc{LLMF-0222,
  author = {Zhang, J. and Liu, G. and Johansson, O. and others},
  title = {Prediction Arena: Benchmarking AI Models on Real-World Prediction Markets},
  year = {2026},
  note = {Zhang, J., Liu, G., Johansson, O., et al. (2026b). Prediction Arena: Benchmarking AI Models on Real-World Prediction Markets (arXiv:2604.07355). arXiv. https://arxiv.org/abs/2604.07355},
  eprint = {2604.07355},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2604.07355},
}

@misc{LLMF-0299,
  author = {Zhu, L. and Cai, M.},
  title = {Artificial Intelligence in Equity and Crypto Markets: Progress, Profitability Evidence, and the Limits of Automated Investing},
  year = {2026},
  note = {Zhu, L., \& Cai, M. (2026). Artificial Intelligence in Equity and Crypto Markets: Progress, Profitability Evidence, and the Limits of Automated Investing (arXiv:2609.04917). arXiv. https://arxiv.org/abs/2609.04917},
  eprint = {2609.04917},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2609.04917},
}

@misc{LLMF-0250,
  author = {Zhu, T. and Zhao, W. and Sun, R. and others},
  title = {From Knowing to Doing: A Memory-Controlled Benchmark for LLM Trading Agents on Stock Markets},
  year = {2026},
  note = {Zhu, T., Zhao, W., Sun, R., et al. (2026). From Knowing to Doing: A Memory-Controlled Benchmark for LLM Trading Agents on Stock Markets (arXiv:2605.28359). arXiv. https://arxiv.org/abs/2605.28359},
  eprint = {2605.28359},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2605.28359},
}

@misc{LLMF-0194,
  author = {Zou, M. and Chen, J. and Luo, A. and others},
  title = {FinEvo: From Isolated Backtests to Ecological Market Games for Multi-Agent Financial Strategy Evolution},
  year = {2026},
  note = {Zou, M., Chen, J., Luo, A., et al. (2026). FinEvo: From Isolated Backtests to Ecological Market Games for Multi-Agent Financial Strategy Evolution (arXiv:2602.00948). arXiv. https://arxiv.org/abs/2602.00948},
  eprint = {2602.00948},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2602.00948},
}