Recent advancements in Large Language Models (LLMs) have significantly enhanced their ability to perform complex reasoning tasks, transitioning from fast and intuitive thinking (System 1) to slow and deep reasoning (System 2). While System 2 reasoning improves task accuracy, it often incurs substantial computational costs due to its slow thinking nature and inefficient or unnecessary reasoning behaviors. In contrast, System 1 reasoning is computationally efficient but leads to suboptimal performance. Consequently, it is critical to balance the trade-off between performance (benefits) and computational costs (budgets), giving rise to the concept of reasoning economy. In this survey, we provide a comprehensive analysis of reasoning economy in both the post-training and test-time inference stages of LLMs, encompassing i) the cause of reasoning inefficiency, ii) behavior analysis of different reasoning patterns, and iii) potential solutions to achieve reasoning economy. By offering actionable insights and highlighting open challenges, we aim to shed light on strategies for improving the reasoning economy of LLMs, thereby serving as a valuable resource for advancing research in this evolving area. We also provide a public repository to continually track developments in this fast-evolving field.
Chain-of-Thought (CoT) has significantly enhanced LLM reasoning, yet often incurs substantial computational overhead due to "overthinking": generating excessively long rationales without commensurate accuracy gains. Existing efficiency methods typically apply uniform compression, which overlooks a critical observation that reasoning complexity is heterogeneous at two distinct granularity: across different problems and within individual reasoning steps. This motivates our principle of Thinking Economically: intelligently allocating computational resources based on intrinsic task and step demands rather than pursuing uniform brevity. We propose Hierarchical Adaptive Budgeter (HAB), a training framework that operationalizes this principle through coarse-to-fine budgeting. At the inter-step level, HAB predicts the optimal reasoning depth for each problem. At the intra-step level, HAB learns step-specific token budgeting signals from PPL-derived step comparisons and an adaptive Pareto optimization objective that captures the local quality-efficiency trade-off, while a Fisher Information-based pruner further provides fine-grained training-time guidance, thereby encouraging the generator to internalize more economical reasoning patterns. Experiments on GSM8K and MATH500 show that HAB not only surpasses standard CoT in accuracy but also reduces token usage, achieving a stronger performance-efficiency trade-off than the compared baselines.
Recent advancements in large language models (LLMs) have catalyzed the rise of reasoning-intensive inference paradigms, where models perform explicit step-by-step reasoning before generating final answers. While such approaches improve answer quality and interpretability, they incur substantial computational overhead due to the prolonged generation sequences. In this paper, we propose Tandem, a novel collaborative framework that synergizes large and small language models (LLMs and SLMs) to achieve high-quality reasoning with significantly reduced computational cost. Specifically, the LLM serves as a strategic coordinator, efficiently generating a compact set of critical reasoning insights. These insights are then used to guide a smaller, more efficient SLM in executing the full reasoning process and delivering the final response. To balance efficiency and reliability, Tandem introduces a cost-aware termination mechanism that adaptively determines when sufficient reasoning guidance has been accumulated, enabling early stopping of the LLM's generation. Experiments on mathematical reasoning and code generation benchmarks demonstrate that Tandem reduces computational costs by approximately 40% compared to standalone LLM reasoning, while achieving superior or competitive performance. Furthermore, the sufficiency classifier trained on one domain transfers effectively to others without retraining. The code is available at: https://github.com/Applied-Machine-Learning-Lab/ACL2026_Tandem.
Inference-time scaling has emerged as a critical avenue for enhancing Large Language Models' performance, yet real-world deployment is constrained by strict computational budgets. In this work, we formulate inference budget allocation as a global constrained optimization problem governed by economic principles. By modeling per-query reasoning utility with a shifted-surge function, we derive an optimal allocation policy based on a global shadow price that equilibrates marginal utility under resource scarcity. Based on this theory, we propose Constrained Latent-utility Equilibrium Allocation for Reasoning (CLEAR). It performs rational abandonment and reallocates resources from insolvent queries to solvable queries near their emergence thresholds. Extensive experiments on several reasoning tasks with different traffic streams demonstrate that CLEAR significantly improves the Pareto frontier of total token cost versus mean accuracy. In resource-scarce regimes, CLEAR achieves up to a 3x improvement in global accuracy compared to uniform allocation.