Anthropic study finds Claude agent trading limited by preference understanding

Anthropic ran a controlled book-swapping market with 201 employees and Claude-powered agents, which reached 0.55 efficiency against a 0.89 optimum. Agents matched participants' own rankings on 61% of book pairs, and about 85% of the shortfall came from imprecise preference representation rather than the trading floor design. Stronger models produced more efficient markets than weaker ones, while instructions mattered less.