How Does Cognitive Bias Affect Large Language Models? A Case Study on the Anchoring Effect in Price Negotiation Simulations (2025.findings-emnlp)
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| Challenge: | Cognitive biases can be observed in LLMs, affecting their reliability in real-world applications. |
| Approach: | They investigate the anchoring effect in LLM-driven price negotiations . reasoning models are less prone to the anchor effect, they find . |
| Outcome: | The proposed study shows that LLMs are influenced by the anchoring effect like humans . reasoning models are less prone to the anchor effect, but personality traits are not affected . |
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