1% ============================================================================2% UQO Working Paper No. 27 — The Invisible Hand of Machines3% ============================================================================4\documentclass[12pt,letterpaper]{article}5\usepackage[utf8]{inputenc}6\usepackage[T1]{fontenc}7\usepackage[english]{babel}8\usepackage[letterpaper,top=1in,bottom=1in,left=1in,right=1in]{geometry}9\usepackage{mathptmx}10\usepackage{microtype}11\usepackage{setspace}12\onehalfspacing13\usepackage{amsmath,amssymb,amsthm}14\usepackage{booktabs,tabularx,multirow,threeparttable,array,longtable}15\usepackage{siunitx}16\sisetup{input-symbols = {()}, table-format = -1.3, parse-numbers = false}17\usepackage{graphicx,subcaption,float,rotating}18\usepackage[dvipsnames]{xcolor}19\usepackage[authoryear,round,semicolon]{natbib}20\bibliographystyle{aer}21\usepackage[font=small,labelfont=bf,labelsep=period,justification=justified,singlelinecheck=false]{caption}22\usepackage{fancyhdr}23\pagestyle{fancy}\fancyhf{}\renewcommand{\headrulewidth}{0pt}\fancyfoot[C]{\thepage}24\usepackage{titlesec}25\titleformat{\section}{\large\bfseries}{\thesection.}{0.5em}{}26\titleformat{\subsection}{\normalsize\bfseries}{\thesubsection.}{0.5em}{}27\titleformat{\subsubsection}{\normalsize\itshape}{\thesubsubsection.}{0.5em}{}28\usepackage[toc,page]{appendix}29\usepackage{enumitem}30\setlist{nosep,leftmargin=*}31\usepackage{listings}32\lstset{basicstyle=\ttfamily\footnotesize,breaklines=true,columns=fullflexible,frame=single,framerule=0.3pt,xleftmargin=0.5em}33\usepackage{algorithm,algpseudocode}34\usepackage{hyperref}35\hypersetup{colorlinks=true,linkcolor=NavyBlue,citecolor=NavyBlue,urlcolor=NavyBlue,breaklinks=true,36 pdftitle={The Invisible Hand of Machines: Price Discovery in Markets Populated by LLM Agents},37 pdfauthor={Simon-Pierre Boucher}}3839\theoremstyle{plain}40\newtheorem{proposition}{Proposition}41\newtheorem{lemma}{Lemma}42\newtheorem{corollary}{Corollary}43\theoremstyle{definition}44\newtheorem{assumption}{Assumption}45\newtheorem{definition}{Definition}46\theoremstyle{remark}47\newtheorem{remark}{Remark}48\newtheorem{hypothesis}{Hypothesis}4950\newcommand{\E}{\mathbb{E}}51\newcommand{\Var}{\operatorname{Var}}52\newcommand{\Cov}{\operatorname{Cov}}53\newcommand{\Corr}{\operatorname{Corr}}54\newcommand{\code}[1]{\texttt{#1}}5556% ============================================================================57% METADATA58% ============================================================================59\newcommand{\WPnumber}{27}60\newcommand{\WPtitle}{The Invisible Hand of Machines}61\newcommand{\WPsubtitle}{Price Discovery in Markets Populated by LLM Agents}62\newcommand{\WPdate}{October 2026}63\newcommand{\WPversion}{1.0}64\newcommand{\WPabstract}{\input{sections/abstract}}65\newcommand{\WPkeywords}{price discovery, large language models, agent-based markets, limit order book, herding, liquidity spirals, randomized simulation experiments}66\newcommand{\WPjel}{G14, G12, D53, C63, C15, D83}67\newcommand{\WPauthor}{Simon-Pierre Boucher}68\newcommand{\WPaffiliation}{Département des sciences administratives\\Université du Québec en Outaouais}69\newcommand{\WPemail}{simon-pierre.boucher@uqo.ca}70\newcommand{\WPaddress}{Gatineau -- Pavillon Alexandre-Taché\\283, boulevard Alexandre-Taché\\Gatineau, Québec, Canada J9A 1L8}7172\begin{document}73\input{sections/titlepage}74\input{sections/introduction}75\input{sections/literature}76\input{sections/model}77\input{sections/theory}78\input{sections/identification}79\input{sections/implementation}80\input{sections/results}81\input{sections/mechanisms}82\input{sections/robustness}83\input{sections/limitations}84\input{sections/conclusion}85\newpage86\bibliography{references}87\newpage88\begin{appendices}89\input{appendices/proofs}90\input{appendices/prompts}91\input{appendices/pseudocode}92\input{appendices/hyperparameters}93\input{appendices/reproducibility}94\end{appendices}95\end{document}96