Are LLMs Effective Negotiators? Systematic Evaluation of the Multifaceted Capabilities of LLMs in Negotiation Dialogues

Understand

A successful negotiation requires a range of capabilities, including comprehension of the conversation context, Theory-of-Mind (ToM) skills to infer the partner's motives, strategic reasoning, and effective communication, making it challenging for automated systems.

• Despite the remarkable performance of LLMs in various NLP tasks, there is no systematic evaluation of their capabilities in negotiation.
• Such an evaluation is critical for advancing AI negotiation agents and negotiation research, ranging from designing dialogue systems to providing pedagogical feedback and scaling up data collection practices.
• This work aims to systematically analyze the multifaceted capabilities of LLMs across diverse dialogue scenarios throughout the stages of a typical negotiation interaction.