Rethinking Prospect Theory for LLMs: Revealing the Instability of Decision-Making under Epistemic Uncertainty
Real-world decision-making often involves uncertainty expressed in linguistic rather than numerical terms, and Prospect Theory (PT) provides a classic framework for modeling human behavior under such uncertainty. Although recent studies have developed frameworks to estimate PT parameters for Large Language Models (LLMs...
Rui Wang, Qi-Han Lin, Jiayu Liu et al.
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