Large language models (LLMs) are increasingly used as user simulators, but their ability to reproduce evolving individual financial decisions remains unclear. We present a preliminary study in a controlled paper-trading environment with 120 volunteers. Participants used non-redeemable virtual funds under real-time market conditions; no real brokerage accounts, real-money positions, or real transaction records were accessed. Given only information available before a prediction cutoff, a simulator predicts the participant's next-trading-day action, traded security, and transaction quantity. We evaluate temporally aligned rolling predictions and compare settings with and without point-in-time market information. Market context improves action and ticker prediction in the controlled ablation, while transaction sizing remains difficult. We also observe systematic behavioral compression: models overproduce hold actions, underpredict sell decisions, and simplify multi-security transactions. These results provide an initial empirical characterization and motivate larger-scale evaluation of individual, temporal, and portfolio-level behavioral fidelity.
A growing body of work explores how Large Language Models (LLMs) can be embedded in trading systems as agents that perceive market information, retrieve context, reason about decisions, emit tradable actions, and adapt under market feedback. This paper reframes LLM-based trading agents as expert-system decision pipelines and presents an audit-oriented evidence map of 77 included studies in a protocol-coded snapshot screened through 2026-03-09. A primary empirical subset (n=19) satisfies the minimum boundary of Action Output plus Closed-Loop Evaluation; the remaining 58 included studies are retained as background and design context. The central empirical finding is protocol incomparability: within the primary subset, only 2/19 studies report extractable time-consistent split protocols, 1/19 reports an explicit transaction-cost model, 1/19 documents universe or survivorship handling, 11/19 report execution timing or semantics, 15/19 are coded as R0, and no study reaches R3 reproducibility. We therefore use Architecture-Capability-Adaptation as a working analytical lens rather than a validated taxonomy, and we foreground the evidence ledger, reproducibility audit, and reporting checklist as the main contributions. The resulting survey shows that architectural experimentation is expanding rapidly, while comparable evaluation protocols, execution semantics, and reproducible artifacts remain the field's immediate bottlenecks.
LLM-as-user-simulation has become core infrastructure for conversational AI: agent benchmarks (tau-bench), training pipelines, and a growing body of fidelity studies all rely on LLMs role-playing the human side of dialogue. Existing frameworks measure communicative fidelity -- whether simulators talk like humans -- against ground truth from paid participants role-playing assigned goals. We argue this has a structural blind spot: when the goal is assigned, the user's willingness is exogenous, so no framework can test whether simulators make decisions like real users whose motivation is endogenous, latent, and decaying. We introduce decision fidelity -- whether a simulated population reproduces the decision-state dynamics of real users facing real, consequential choices -- and measure it on a unique testbed: 2,790 production conversations between an LLM sales agent and real customers, including 793 with verified payment outcomes. Using a teacher-forced probe protocol that holds context and instrument fixed, we find a systematic, outcome-correlated failure we call the disengagement deficit: simulators reproduce eventual buyers almost exactly (depth bias +0.09) but inflate eventual non-buyers toward the purchase frame (depth bias +0.40; d=0.38, p<0.001), halving expressed resistance (25.1% to 13.5%) and nearly doubling deliberation (21.9% to 40.1%) while fabricating no purchases. The deficit replicates across model families (DeepSeek: d=0.41, p=0.002) and resists the obvious fix: instructing the simulator that it may disengage cuts marginal bias five-fold but barely moves the outcome-conditioned contrast (d=0.34, p=0.008). Real non-buyers say "not now" and stop; simulated non-buyers ask about price. Evaluating or training sales and persuasion agents against such simulators overstates funnel progress exactly where it matters most -- the customers who walk away.
Large language models (LLMs) are increasingly used to simulate human behavior, but their ability to simulate individual privacy decisions is not well understood. In this paper, we address the problem of evaluating whether a core set of user persona attributes can drive LLMs to simulate individual-level privacy behavior. We introduce PrivacySIM, an evaluation suite that benchmarks LLM simulation of user privacy behavior against the ground-truth responses of 1,000 users. These users are drawn from five published user studies on privacy spanning LLM healthcare consultations, conversational agents, and chatbots. Drawing on these user studies, we hypothesize three persona facets as plausible predictors of privacy decision-making: demographics, previous experiences, and stated privacy attitudes. We condition nine frontier LLMs on subsets of these three facets and measure how often each model's response to a data-sharing scenario matches the user's actual response. Our findings show that (1) privacy persona conditioning consistently improves simulation quality over no-persona conditioning, but even the strongest model (40.4% accuracy) remains far from faithfully simulating individual privacy decisions. (2) A user's stated privacy attitudes alone may not be the best predictor because they often diverge from the user's actual privacy behavior. (3) Users with high AI/chatbot experience but low stated privacy attitudes are the most challenging to simulate. PrivacySIM is a first step toward understanding and improving the capabilities of LLMs to simulate user privacy decisions. We release PrivacySIM to enable further evaluation of LLM privacy simulation.