Grant SSH Open Competition XS 2024 - round 1 Year 2024

project: Large Language Model Multi-Actor Tool to Automate Economic Experiments
Economic experimentation to test new governance mechanisms has downsides. Lab experiments are expensive. A typical experiment costs between €5.000 and €10.000 in incentives. Participants are recruited and play the experiments under controlled conditions in a lab leading to large logistical costs. Participants need to adjust to the economic environment through instruction, limiting how complex the lab experiments can be. Our Multi-Actor LLM tool automates economic experiments. If successful, we reduce the cost of experimentation to the required tokens and speed up experimentation. We are creating a new method for doing economics experiments, and a new way to simulate human behavior in economic settings.