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The Economics of Language
How Large Language Models Can Reshape Behavioural Economics
Brief Description
The development of artificial intelligence and machine learning is leading to a revolution in the way we think about economic decisions. The Economics of Language explores how the use of generative AI and large language models (LLMs) can transform the way we think about economic behaviour....
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Format: Hardback
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The Economics of Language
$35200
Unit price
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Unavailable
This book redefines behavioural economics by showing how language shapes decision-making, and how large language models allow us to measure it. Ideal for Master's and Ph.D. students, it also appeals to economists, psychologists, and computer scientists interested in the intersection of language, AI, and human behaviour.
Human behaviour is shaped by words, not just payoffs. Large language models now let us measure their impact.
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Description
The development of artificial intelligence and machine learning is leading to a revolution in the way we think about economic decisions. The Economics of Language explores how the use of generative AI and large language models (LLMs) can transform the way we think about economic behaviour.
It introduces the LENS framework (Linguistic content triggers Emotions and suggests Norms, which shape Strategy choice) and presents empirical evidence that LLMs can predict human behaviour in economic games more accurately than traditional outcome-based models.
It draws on years of research to provide a step-by-step development of the theory, combining accessible examples with formal modelling. Offering a roadmap for future research at the intersection of economics, psychology, and AI, this book equips readers with tools to quantify the role of language in decision-making and redefines how we think about utility, rationality, and human choice.
Book Details
INFORMATION
ISBN: 9781009733045
Publisher: Cambridge University Press
Format: Hardback
Date Published: 09 April 2026
Country: United Kingdom
Imprint: Cambridge University Press
Illustration: Worked examples or Exercises
Audience: Tertiary education
DIMENSIONS
Weight: 718g
Pages: 376
About the Author
Valerio Capraro is a professor in the Department of Psychology at the University of Milan Bicocca. He holds a Ph.D. in mathematics and studies human behaviour by combining mathematical modelling, human experiments, and numerical simulations. His research has been published in leading academic journals and featured in international news outlets.
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