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 "name": "Cattle Trade Tests Llm Agents Under Conflicting Incentives",
 "text": "Müller and Müller extend Kaal's diagnosis by testing LLM agents in an explicitly incentive-bearing environment. Cattle Trade places four agents in a 50–60-turn economic game combining auctions, hidden offers, bargaining, bluffing, opponent modeling, resource constraints, and conflicting incentives. Across 242 games, the authors find that strategic coherence is more closely associated with success than any isolated capability. Their behavior traces also expose overbidding, self-bidding, bankrupt trade initiation, and weak opponent-state adaptation. This does not validate Kaal's reputation substrate. It is a bounded benchmark that moves multi-agent evaluation beyond capability-only tests toward behavior under economic and adversarial incentives.",
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  "Cattle Trade is a four-player benchmark built around one economic board-game environment. It does not establish general behavior across all LLM multi-agent systems.",
  "The tested systems use seven cost-efficient language models and three deterministic code agents. The paper does not evaluate Kaal's controlled multi-model cohort or reputation substrate.",
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  "The evidence supports an extension beyond capability-only evaluation. It does not support the unrestricted historical proposition that every prior multi-agent evaluation was incentive-free.",
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  "citation": "Wulf A. Kaal, Empirical Evaluation of the Agentic Reputation Substrate: Deliberation, the Composition of Error, and the Registered Measurement of Agency Costs in a Controlled Multi-Model Cohort (2026). SSRN: https://ssrn.com/abstract=7261018",
  "paper": "Wulf A. Kaal, Empirical Evaluation of the Agentic Reputation Substrate: Deliberation, the Composition of Error, and the Registered Measurement of Agency Costs in a Controlled Multi-Model Cohort",
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