“…If LLMs such as GPT act like rational agents, their results cannot readily be used to explain or predict consumers' bounded rational decision-making. Besides the differences in risk preferences and system 1 processing, GPT, specifically, can hardly mimic interpersonal differences, which is crucial for psychological or marketing research studies (e.g., Abdurahman et al, 2023;Park et al, 2023;Santurkar et al, 2023). However, given that the field is evolving rapidly (i.e., industrial players, such as OpenAI and Google, release improved LLMs in quick succession), it is reasonable to assume that future LLM implementations mimic human behavior more closely than current implementations do.…”