In financial markets, a sequential policy that reacts systematically to price movements may become predictable to other market participants. This paper studies whether large language model (LLM) agents exhibit such directional structure through RetailAgent, an experimental framework in which an LLM observes anonymized intraday equity price histories and permitted state, then repeatedly chooses long (hold the stock) or flat (stay out) before the subsequent interval return is revealed. We compare returns during long and flat intervals along the same stock's intraday path after removing the overall fraction of long decisions. This exposure-matched measure reveals persistent negative timing across modality, horizon, state, and model family. Shuffling saved action sequences substantially attenuates the effect, showing that alignment between actions and subsequent returns drives the negative score. Feeding self-authored memories into decisions further increases policy persistence, while timing becomes more negative among stock-days on which the agent uses both actions. These results reveal stable, recoverable directional structure in sequential LLM financial decisions and a behavioral signal for studying how another participant could respond to a predictable policy.
AI agents increasingly perform open-ended tasks in settings where their conclusions can guide consequential decisions. We provide evidence that AI agents draw different conclusions from identical numerical data when the substantive framing changes. We demonstrate this behavior in high-stakes domains in medicine, election forensics, and geopolitical forecasting by holding the evidence fixed while changing the scenario in which the evidence appears. Across twelve agent-domain comparisons, agents' conclusions are strongly influenced by their prior beliefs. They are more likely to reach an affirmative conclusion when it is framed around a proposition they already regard as likely, while the reverse holds when the framing conflicts with their prior. The framing also changes how some agents work: they search more extensively, choose different analytical specifications, and evaluate the same evidence differently. These results identify a particular risk of delegating decision-making to AI agents, as their decisions may depend on prior beliefs that are neither specified in the task nor visible in the decision record.
As large language models (LLMs) are increasingly used in decision support, it is important to understand whether their choices under uncertainty exhibit stable and interpretable behavioural regularities. Human decision-making combines relatively persistent risk preferences with context-dependent adjustment, yet it remains unclear whether analogous behavioural structure can be observed in LLM-based decision systems. Here we examine this question using a controlled multi-model framework based on no-limit Texas Hold'em, where behaviour is quantified by Participation, measuring voluntary engagement in uncertain opportunities, and Proactiveness, measuring pre-flop risk escalation. Across homogeneous self-play and heterogeneous mixed-model interactions, frontier LLMs exhibit stable, model-specific risk profiles, forming a spectrum from conservative to aggressive decision styles. These profiles remain largely robust under changing opponent composition, while the most conservative and most aggressive models diverge further in mixed settings. Under global risk pressure and personal resource constraint, models adapt in structured but heterogeneous ways, ranging from broad behavioural contraction to selective de-escalation and near-invariant behaviour. These findings suggest that LLMs differ not only in baseline risk disposition, but also in the risk signals they respond to and the flexibility with which they adjust, providing a behavioural basis for auditing risk-sensitive decision-making in interactive settings. Our code is publicly available at: https://github.com/XuankunRong/AgentTexasPoker.
Yingying Guo, Zhuoxuan Ju, Ruibo Ming +2cs.HC cs.AI
Large language model agents are increasingly evaluated through games, but most benchmarks emphasize final outcomes rather than how players learn from repeated interaction. We study experience-sensitive game learning: how gameplay experience changes the decision-making behavior of humans and language agents. We formulate experience-sensitive game learning as a framework for analyzing behavioral change across repeated gameplay, rather than only final score or win rate. We introduce a suite of interactive games with reusable strategic structure, together with cross-game greedy-to-global metrics and game-specific behavioral diagnostics that make experience-driven change observable from action traces. We also collect repeated-game trajectories from human players and evaluate recent self-evolving language agents in the same behavioral metric space. Our results show that human players exhibit interpretable and relatively stable shifts from locally greedy heuristics toward more global strategic decisions. In contrast, current self-evolving agents often show noisy and transient gains, suggesting that existing self-evolution methods remain limited in converting gameplay experience into durable changes in decision-making behavior.
AI agents are typically instrumented through outcome-oriented indicators such as task success, reward, latency, and cost.Although these indicators are operationally important, they provide limited visibility into the internal structure of agent behavior such as the degree of exploration, the rigidity or diversity of action selection, the concentration of tool use, the reduction of uncertainty across a run, and the stability of behavior across repeated executions.This paper proposes Entropy-Based Observability for AI Agents (EOA), a lightweight framework for deriving behavioral telemetry from agent traces.