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NBER Working Papers · October 5, 2026 · On the brief until October 19, 2026

Large Language Models as Voting Mechanisms -- by Raša Karapandža, Yaw Nyarko

EconomicsData SciencePolitical Science
THE AI ANGLE
Aggregating training text as an election mechanism

A study modeled large language models as voting rules where token probabilities reflect vote shares from training data. This structure produces Condorcet cycles and intransitive recommendations, observed in millions of pairwise stock comparisons on ChatGPT-4o. Correcting these circular preferences after generation is generally impossible.

Summary written by AI Business Lens with an AI model from the article at nber.org. It is not the article, and the publisher has not reviewed it. For publishers.

THE TEACHING ANGLE
Because models aggregate data like elections, they produce cyclical preferences that make automated advice vulnerable to money-pump exploitation.

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