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Mar 14

Plutus: Benchmarking Large Language Models in Low-Resource Greek Finance

Despite Greece's pivotal role in the global economy, large language models (LLMs) remain underexplored for Greek financial context due to the linguistic complexity of Greek and the scarcity of domain-specific datasets. Previous efforts in multilingual financial natural language processing (NLP) have exposed considerable performance disparities, yet no dedicated Greek financial benchmarks or Greek-specific financial LLMs have been developed until now. To bridge this gap, we introduce Plutus-ben, the first Greek Financial Evaluation Benchmark, and Plutus-8B, the pioneering Greek Financial LLM, fine-tuned with Greek domain-specific data. Plutus-ben addresses five core financial NLP tasks in Greek: numeric and textual named entity recognition, question answering, abstractive summarization, and topic classification, thereby facilitating systematic and reproducible LLM assessments. To underpin these tasks, we present three novel, high-quality Greek financial datasets, thoroughly annotated by expert native Greek speakers, augmented by two existing resources. Our comprehensive evaluation of 22 LLMs on Plutus-ben reveals that Greek financial NLP remains challenging due to linguistic complexity, domain-specific terminology, and financial reasoning gaps. These findings underscore the limitations of cross-lingual transfer, the necessity for financial expertise in Greek-trained models, and the challenges of adapting financial LLMs to Greek text. We release Plutus-ben, Plutus-8B, and all associated datasets publicly to promote reproducible research and advance Greek financial NLP, fostering broader multilingual inclusivity in finance.

Fino1: On the Transferability of Reasoning Enhanced LLMs to Finance

Recent advancements in large language models (LLMs) have shown strong general reasoning abilities, yet their effectiveness in financial reasoning remains underexplored. In this study, we comprehensively evaluate 16 powerful reasoning and general LLMs on three complex financial tasks involving financial text, tabular data, and equations, assessing numerical reasoning, tabular interpretation, financial terminology comprehension, long-context processing, and equation-based problem solving. Our results show that while better datasets and pretraining improve financial reasoning, general enhancements like CoT fine-tuning do not always yield consistent gains. Moreover, all reasoning strategies face challenges in improving performance on long-context and multi-table tasks. To address these limitations, we develop a financial reasoning-enhanced model based on Llama-3.1-8B-Instruct, by CoT fine-tuning and reinforcement learning with domain-specific reasoning paths. Even with simple fine-tuning with one financial dataset, our model achieves a consistent 10% performance improvement across tasks, surpassing all 8B models and even Llama3-70B-Instruct and Llama3.1-70B-Instruct on average. Our results highlight the need for domain-specific adaptations in financial tasks, emphasizing future directions such as multi-table reasoning, long-context processing, and financial terminology comprehension. All our datasets, models, and codes are publicly available. Furthermore, we introduce a leaderboard for benchmarking future datasets and models.

Why think step by step? Reasoning emerges from the locality of experience

Humans have a powerful and mysterious capacity to reason. By working through a series of purely mental steps, we can make inferences we would not be capable of making directly -- despite the fact that we get no additional data from the world. Similarly, when large language models generate a series of intermediate steps (a chain of thought) before answering a question, they often produce better answers than they otherwise would. We investigate why and how chain-of-thought reasoning is useful in language models, testing the hypothesis that reasoning is effective when training data consists of local clusters of variables that influence each other strongly. These training conditions enable the chaining of accurate local inferences in order to estimate relationships between variables that were not seen together in training. We prove that there will exist a "reasoning gap", where reasoning through intermediate variables improves inference, for the simple case of an autoregressive density estimator trained on local samples from a chain-structured probabilistic model. We then test our hypothesis empirically in more complex models, training an autoregressive language model on samples from Bayes nets but only including a subset of variables in each sample. We test language models' ability to match conditional probabilities with and without intermediate reasoning steps, finding that intermediate steps are only helpful when the training data is locally structured with respect to dependencies between variables and that the combination of locally-structured observations and reasoning is much more data-efficient than training on all variables. Our results illustrate how the effectiveness of reasoning step by step is rooted in the local statistical structure of the training data.

STEER-ME: Assessing the Microeconomic Reasoning of Large Language Models

How should one judge whether a given large language model (LLM) can reliably perform economic reasoning? Most existing LLM benchmarks focus on specific applications and fail to present the model with a rich variety of economic tasks. A notable exception is Raman et al. [2024], who offer an approach for comprehensively benchmarking strategic decision-making; however, this approach fails to address the non-strategic settings prevalent in microeconomics, such as supply-and-demand analysis. We address this gap by taxonomizing microeconomic reasoning into 58 distinct elements, focusing on the logic of supply and demand, each grounded in up to 10 distinct domains, 5 perspectives, and 3 types. The generation of benchmark data across this combinatorial space is powered by a novel LLM-assisted data generation protocol that we dub auto-STEER, which generates a set of questions by adapting handwritten templates to target new domains and perspectives. Because it offers an automated way of generating fresh questions, auto-STEER mitigates the risk that LLMs will be trained to over-fit evaluation benchmarks; we thus hope that it will serve as a useful tool both for evaluating and fine-tuning models for years to come. We demonstrate the usefulness of our benchmark via a case study on 27 LLMs, ranging from small open-source models to the current state of the art. We examined each model's ability to solve microeconomic problems across our whole taxonomy and present the results across a range of prompting strategies and scoring metrics.

FinRobot: AI Agent for Equity Research and Valuation with Large Language Models

As financial markets grow increasingly complex, there is a rising need for automated tools that can effectively assist human analysts in equity research, particularly within sell-side research. While Generative AI (GenAI) has attracted significant attention in this field, existing AI solutions often fall short due to their narrow focus on technical factors and limited capacity for discretionary judgment. These limitations hinder their ability to adapt to new data in real-time and accurately assess risks, which diminishes their practical value for investors. This paper presents FinRobot, the first AI agent framework specifically designed for equity research. FinRobot employs a multi-agent Chain of Thought (CoT) system, integrating both quantitative and qualitative analyses to emulate the comprehensive reasoning of a human analyst. The system is structured around three specialized agents: the Data-CoT Agent, which aggregates diverse data sources for robust financial integration; the Concept-CoT Agent, which mimics an analysts reasoning to generate actionable insights; and the Thesis-CoT Agent, which synthesizes these insights into a coherent investment thesis and report. FinRobot provides thorough company analysis supported by precise numerical data, industry-appropriate valuation metrics, and realistic risk assessments. Its dynamically updatable data pipeline ensures that research remains timely and relevant, adapting seamlessly to new financial information. Unlike existing automated research tools, such as CapitalCube and Wright Reports, FinRobot delivers insights comparable to those produced by major brokerage firms and fundamental research vendors. We open-source FinRobot at https://github. com/AI4Finance-Foundation/FinRobot.

A Multimodal Foundation Agent for Financial Trading: Tool-Augmented, Diversified, and Generalist

Financial trading is a crucial component of the markets, informed by a multimodal information landscape encompassing news, prices, and Kline charts, and encompasses diverse tasks such as quantitative trading and high-frequency trading with various assets. While advanced AI techniques like deep learning and reinforcement learning are extensively utilized in finance, their application in financial trading tasks often faces challenges due to inadequate handling of multimodal data and limited generalizability across various tasks. To address these challenges, we present FinAgent, a multimodal foundational agent with tool augmentation for financial trading. FinAgent's market intelligence module processes a diverse range of data-numerical, textual, and visual-to accurately analyze the financial market. Its unique dual-level reflection module not only enables rapid adaptation to market dynamics but also incorporates a diversified memory retrieval system, enhancing the agent's ability to learn from historical data and improve decision-making processes. The agent's emphasis on reasoning for actions fosters trust in its financial decisions. Moreover, FinAgent integrates established trading strategies and expert insights, ensuring that its trading approaches are both data-driven and rooted in sound financial principles. With comprehensive experiments on 6 financial datasets, including stocks and Crypto, FinAgent significantly outperforms 9 state-of-the-art baselines in terms of 6 financial metrics with over 36% average improvement on profit. Specifically, a 92.27% return (a 84.39% relative improvement) is achieved on one dataset. Notably, FinAgent is the first advanced multimodal foundation agent designed for financial trading tasks.

Thought-Path Contrastive Learning via Premise-Oriented Data Augmentation for Logical Reading Comprehension

Logical reading comprehension is a challenging task that entails grasping the underlying semantics of text and applying reasoning to deduce the correct answer. Prior researches have primarily focused on enhancing logical reasoning capabilities through Chain-of-Thought (CoT) or data augmentation. However, previous work constructing chain-of-thought rationales concentrates solely on analyzing correct options, neglecting the incorrect alternatives. Addtionally, earlier efforts on data augmentation by altering contexts rely on rule-based methods, which result in generated contexts that lack diversity and coherence. To address these issues, we propose a Premise-Oriented Data Augmentation (PODA) framework. This framework can generate CoT rationales including analyses for both correct and incorrect options, while constructing diverse and high-quality counterfactual contexts from incorrect candidate options. We integrate summarizing premises and identifying premises for each option into rationales. Subsequently, we employ multi-step prompts with identified premises to construct counterfactual context. To facilitate the model's capabilities to better differentiate the reasoning process associated with each option, we introduce a novel thought-path contrastive learning method that compares reasoning paths between the original and counterfactual samples. Experimental results on three representative LLMs demonstrate that our method can improve the baselines substantially across two challenging logical reasoning benchmarks (ReClor and LogiQA 2.0). The data and code are released at https://github.com/lalalamdbf/TPReasoner.

BoardgameQA: A Dataset for Natural Language Reasoning with Contradictory Information

Automated reasoning with unstructured natural text is a key requirement for many potential applications of NLP and for developing robust AI systems. Recently, Language Models (LMs) have demonstrated complex reasoning capacities even without any finetuning. However, existing evaluation for automated reasoning assumes access to a consistent and coherent set of information over which models reason. When reasoning in the real-world, the available information is frequently inconsistent or contradictory, and therefore models need to be equipped with a strategy to resolve such conflicts when they arise. One widely-applicable way of resolving conflicts is to impose preferences over information sources (e.g., based on source credibility or information recency) and adopt the source with higher preference. In this paper, we formulate the problem of reasoning with contradictory information guided by preferences over sources as the classical problem of defeasible reasoning, and develop a dataset called BoardgameQA for measuring the reasoning capacity of LMs in this setting. BoardgameQA also incorporates reasoning with implicit background knowledge, to better reflect reasoning problems in downstream applications. We benchmark various LMs on BoardgameQA and the results reveal a significant gap in the reasoning capacity of state-of-the-art LMs on this problem, showing that reasoning with conflicting information does not surface out-of-the-box in LMs. While performance can be improved with finetuning, it nevertheless remains poor.

Critical-Questions-of-Thought: Steering LLM reasoning with Argumentative Querying

Studies have underscored how, regardless of the recent breakthrough and swift advances in AI research, even state-of-the-art Large Language models (LLMs) continue to struggle when performing logical and mathematical reasoning. The results seem to suggest that LLMs still work as (highly advanced) data pattern identifiers, scoring poorly when attempting to generalise and solve reasoning problems the models have never previously seen or that are not close to samples presented in their training data. To address this compelling concern, this paper makes use of the notion of critical questions from the literature on argumentation theory, focusing in particular on Toulmin's model of argumentation. We show that employing these critical questions can improve the reasoning capabilities of LLMs. By probing the rationale behind the models' reasoning process, the LLM can assess whether some logical mistake is occurring and correct it before providing the final reply to the user prompt. The underlying idea is drawn from the gold standard of any valid argumentative procedure: the conclusion is valid if it is entailed by accepted premises. Or, to paraphrase such Aristotelian principle in a real-world approximation, characterised by incomplete information and presumptive logic, the conclusion is valid if not proved otherwise. This approach successfully steers the models' output through a reasoning pipeline, resulting in better performance against the baseline and its Chain-of-Thought (CoT) implementation. To this end, an extensive evaluation of the proposed approach on the MT-Bench Reasoning and Math tasks across a range of LLMs is provided.

Plan-and-Solve Prompting: Improving Zero-Shot Chain-of-Thought Reasoning by Large Language Models

Large language models (LLMs) have recently been shown to deliver impressive performance in various NLP tasks. To tackle multi-step reasoning tasks, few-shot chain-of-thought (CoT) prompting includes a few manually crafted step-by-step reasoning demonstrations which enable LLMs to explicitly generate reasoning steps and improve their reasoning task accuracy. To eliminate the manual effort, Zero-shot-CoT concatenates the target problem statement with "Let's think step by step" as an input prompt to LLMs. Despite the success of Zero-shot-CoT, it still suffers from three pitfalls: calculation errors, missing-step errors, and semantic misunderstanding errors. To address the missing-step errors, we propose Plan-and-Solve (PS) Prompting. It consists of two components: first, devising a plan to divide the entire task into smaller subtasks, and then carrying out the subtasks according to the plan. To address the calculation errors and improve the quality of generated reasoning steps, we extend PS prompting with more detailed instructions and derive PS+ prompting. We evaluate our proposed prompting strategy on ten datasets across three reasoning problems. The experimental results over GPT-3 show that our proposed zero-shot prompting consistently outperforms Zero-shot-CoT across all datasets by a large margin, is comparable to or exceeds Zero-shot-Program-of-Thought Prompting, and has comparable performance with 8-shot CoT prompting on the math reasoning problem. The code can be found at https://github.com/AGI-Edgerunners/Plan-and-Solve-Prompting.

Procedural Knowledge in Pretraining Drives Reasoning in Large Language Models

The capabilities and limitations of Large Language Models have been sketched out in great detail in recent years, providing an intriguing yet conflicting picture. On the one hand, LLMs demonstrate a general ability to solve problems. On the other hand, they show surprising reasoning gaps when compared to humans, casting doubt on the robustness of their generalisation strategies. The sheer volume of data used in the design of LLMs has precluded us from applying the method traditionally used to measure generalisation: train-test set separation. To overcome this, we study what kind of generalisation strategies LLMs employ when performing reasoning tasks by investigating the pretraining data they rely on. For two models of different sizes (7B and 35B) and 2.5B of their pretraining tokens, we identify what documents influence the model outputs for three simple mathematical reasoning tasks and contrast this to the data that are influential for answering factual questions. We find that, while the models rely on mostly distinct sets of data for each factual question, a document often has a similar influence across different reasoning questions within the same task, indicating the presence of procedural knowledge. We further find that the answers to factual questions often show up in the most influential data. However, for reasoning questions the answers usually do not show up as highly influential, nor do the answers to the intermediate reasoning steps. When we characterise the top ranked documents for the reasoning questions qualitatively, we confirm that the influential documents often contain procedural knowledge, like demonstrating how to obtain a solution using formulae or code. Our findings indicate that the approach to reasoning the models use is unlike retrieval, and more like a generalisable strategy that synthesises procedural knowledge from documents doing a similar form of reasoning.

Imitate, Explore, and Self-Improve: A Reproduction Report on Slow-thinking Reasoning Systems

Recently, slow-thinking reasoning systems, such as o1, have demonstrated remarkable capabilities in solving complex reasoning tasks. These systems typically engage in an extended thinking process before responding to a query, allowing them to generate more thorough, accurate, and well-reasoned solutions. These systems are primarily developed and maintained by industry, with their core techniques not publicly disclosed. In response, an increasing number of studies from the research community aim to explore the technical foundations underlying these powerful reasoning systems. Building on these prior efforts, this paper presents a reproduction report on implementing o1-like reasoning systems. We introduce an "imitate, explore, and self-improve" framework as our primary technical approach to train the reasoning model. In the initial phase, we use distilled long-form thought data to fine-tune the reasoning model, enabling it to invoke a slow-thinking mode. The model is then encouraged to explore challenging problems by generating multiple rollouts, which can result in increasingly more high-quality trajectories that lead to correct answers. Furthermore, the model undergoes self-improvement by iteratively refining its training dataset. To verify the effectiveness of this approach, we conduct extensive experiments on three challenging benchmarks. The experimental results demonstrate that our approach achieves competitive performance compared to industry-level reasoning systems on these benchmarks.

Financial Knowledge Large Language Model

Artificial intelligence is making significant strides in the finance industry, revolutionizing how data is processed and interpreted. Among these technologies, large language models (LLMs) have demonstrated substantial potential to transform financial services by automating complex tasks, enhancing customer service, and providing detailed financial analysis. Firstly, we introduce IDEA-FinBench, an evaluation benchmark specifically tailored for assessing financial knowledge in large language models (LLMs). This benchmark utilizes questions from two globally respected and authoritative financial professional exams, aimimg to comprehensively evaluate the capability of LLMs to directly address exam questions pertinent to the finance sector. Secondly, we propose IDEA-FinKER, a Financial Knowledge Enhancement framework designed to facilitate the rapid adaptation of general LLMs to the financial domain, introducing a retrieval-based few-shot learning method for real-time context-level knowledge injection, and a set of high-quality financial knowledge instructions for fine-tuning any general LLM. Finally, we present IDEA-FinQA, a financial question-answering system powered by LLMs. This system is structured around a scheme of real-time knowledge injection and factual enhancement using external knowledge. IDEA-FinQA is comprised of three main modules: the data collector, the data querying module, and LLM-based agents tasked with specific functions.

Bridging the Novice-Expert Gap via Models of Decision-Making: A Case Study on Remediating Math Mistakes

Scaling high-quality tutoring remains a major challenge in education. Due to growing demand, many platforms employ novice tutors who, unlike experienced educators, struggle to address student mistakes and thus fail to seize prime learning opportunities. Our work explores the potential of large language models (LLMs) to close the novice-expert knowledge gap in remediating math mistakes. We contribute Bridge, a method that uses cognitive task analysis to translate an expert's latent thought process into a decision-making model for remediation. This involves an expert identifying (A) the student's error, (B) a remediation strategy, and (C) their intention before generating a response. We construct a dataset of 700 real tutoring conversations, annotated by experts with their decisions. We evaluate state-of-the-art LLMs on our dataset and find that the expert's decision-making model is critical for LLMs to close the gap: responses from GPT4 with expert decisions (e.g., "simplify the problem") are +76% more preferred than without. Additionally, context-sensitive decisions are critical to closing pedagogical gaps: random decisions decrease GPT4's response quality by -97% than expert decisions. Our work shows the potential of embedding expert thought processes in LLM generations to enhance their capability to bridge novice-expert knowledge gaps. Our dataset and code can be found at: https://github.com/rosewang2008/bridge.

From System 1 to System 2: A Survey of Reasoning Large Language Models

Achieving human-level intelligence requires refining the transition from the fast, intuitive System 1 to the slower, more deliberate System 2 reasoning. While System 1 excels in quick, heuristic decisions, System 2 relies on logical reasoning for more accurate judgments and reduced biases. Foundational Large Language Models (LLMs) excel at fast decision-making but lack the depth for complex reasoning, as they have not yet fully embraced the step-by-step analysis characteristic of true System 2 thinking. Recently, reasoning LLMs like OpenAI's o1/o3 and DeepSeek's R1 have demonstrated expert-level performance in fields such as mathematics and coding, closely mimicking the deliberate reasoning of System 2 and showcasing human-like cognitive abilities. This survey begins with a brief overview of the progress in foundational LLMs and the early development of System 2 technologies, exploring how their combination has paved the way for reasoning LLMs. Next, we discuss how to construct reasoning LLMs, analyzing their features, the core methods enabling advanced reasoning, and the evolution of various reasoning LLMs. Additionally, we provide an overview of reasoning benchmarks, offering an in-depth comparison of the performance of representative reasoning LLMs. Finally, we explore promising directions for advancing reasoning LLMs and maintain a real-time https://github.com/zzli2022/Awesome-Slow-Reason-System{GitHub Repository} to track the latest developments. We hope this survey will serve as a valuable resource to inspire innovation and drive progress in this rapidly evolving field.

Ensembling Portfolio Strategies for Long-Term Investments: A Distribution-Free Preference Framework for Decision-Making and Algorithms

This paper investigates the problem of ensembling multiple strategies for sequential portfolios to outperform individual strategies in terms of long-term wealth. Due to the uncertainty of strategies' performances in the future market, which are often based on specific models and statistical assumptions, investors often mitigate risk and enhance robustness by combining multiple strategies, akin to common approaches in collective learning prediction. However, the absence of a distribution-free and consistent preference framework complicates decisions of combination due to the ambiguous objective. To address this gap, we introduce a novel framework for decision-making in combining strategies, irrespective of market conditions, by establishing the investor's preference between decisions and then forming a clear objective. Through this framework, we propose a combinatorial strategy construction, free from statistical assumptions, for any scale of component strategies, even infinite, such that it meets the determined criterion. Finally, we test the proposed strategy along with its accelerated variant and some other multi-strategies. The numerical experiments show results in favor of the proposed strategies, albeit with small tradeoffs in their Sharpe ratios, in which their cumulative wealths eventually exceed those of the best component strategies while the accelerated strategy significantly improves performance.

Quiet-STaR: Language Models Can Teach Themselves to Think Before Speaking

When writing and talking, people sometimes pause to think. Although reasoning-focused works have often framed reasoning as a method of answering questions or completing agentic tasks, reasoning is implicit in almost all written text. For example, this applies to the steps not stated between the lines of a proof or to the theory of mind underlying a conversation. In the Self-Taught Reasoner (STaR, Zelikman et al. 2022), useful thinking is learned by inferring rationales from few-shot examples in question-answering and learning from those that lead to a correct answer. This is a highly constrained setting -- ideally, a language model could instead learn to infer unstated rationales in arbitrary text. We present Quiet-STaR, a generalization of STaR in which LMs learn to generate rationales at each token to explain future text, improving their predictions. We address key challenges, including 1) the computational cost of generating continuations, 2) the fact that the LM does not initially know how to generate or use internal thoughts, and 3) the need to predict beyond individual next tokens. To resolve these, we propose a tokenwise parallel sampling algorithm, using learnable tokens indicating a thought's start and end, and an extended teacher-forcing technique. Encouragingly, generated rationales disproportionately help model difficult-to-predict tokens and improve the LM's ability to directly answer difficult questions. In particular, after continued pretraining of an LM on a corpus of internet text with Quiet-STaR, we find zero-shot improvements on GSM8K (5.9%rightarrow10.9%) and CommonsenseQA (36.3%rightarrow47.2%) and observe a perplexity improvement of difficult tokens in natural text. Crucially, these improvements require no fine-tuning on these tasks. Quiet-STaR marks a step towards LMs that can learn to reason in a more general and scalable way.

Harmful Terms and Where to Find Them: Measuring and Modeling Unfavorable Financial Terms and Conditions in Shopping Websites at Scale

Terms and conditions for online shopping websites often contain terms that can have significant financial consequences for customers. Despite their impact, there is currently no comprehensive understanding of the types and potential risks associated with unfavorable financial terms. Furthermore, there are no publicly available detection systems or datasets to systematically identify or mitigate these terms. In this paper, we take the first steps toward solving this problem with three key contributions. First, we introduce TermMiner, an automated data collection and topic modeling pipeline to understand the landscape of unfavorable financial terms. Second, we create ShopTC-100K, a dataset of terms and conditions from shopping websites in the Tranco top 100K list, comprising 1.8 million terms from 8,251 websites. Consequently, we develop a taxonomy of 22 types from 4 categories of unfavorable financial terms -- spanning purchase, post-purchase, account termination, and legal aspects. Third, we build TermLens, an automated detector that uses Large Language Models (LLMs) to identify unfavorable financial terms. Fine-tuned on an annotated dataset, TermLens achieves an F1 score of 94.6\% and a false positive rate of 2.3\% using GPT-4o. When applied to shopping websites from the Tranco top 100K, we find that 42.06\% of these sites contain at least one unfavorable financial term, with such terms being more prevalent on less popular websites. Case studies further highlight the financial risks and customer dissatisfaction associated with unfavorable financial terms, as well as the limitations of existing ecosystem defenses.

FinRobot: An Open-Source AI Agent Platform for Financial Applications using Large Language Models

As financial institutions and professionals increasingly incorporate Large Language Models (LLMs) into their workflows, substantial barriers, including proprietary data and specialized knowledge, persist between the finance sector and the AI community. These challenges impede the AI community's ability to enhance financial tasks effectively. Acknowledging financial analysis's critical role, we aim to devise financial-specialized LLM-based toolchains and democratize access to them through open-source initiatives, promoting wider AI adoption in financial decision-making. In this paper, we introduce FinRobot, a novel open-source AI agent platform supporting multiple financially specialized AI agents, each powered by LLM. Specifically, the platform consists of four major layers: 1) the Financial AI Agents layer that formulates Financial Chain-of-Thought (CoT) by breaking sophisticated financial problems down into logical sequences; 2) the Financial LLM Algorithms layer dynamically configures appropriate model application strategies for specific tasks; 3) the LLMOps and DataOps layer produces accurate models by applying training/fine-tuning techniques and using task-relevant data; 4) the Multi-source LLM Foundation Models layer that integrates various LLMs and enables the above layers to access them directly. Finally, FinRobot provides hands-on for both professional-grade analysts and laypersons to utilize powerful AI techniques for advanced financial analysis. We open-source FinRobot at https://github.com/AI4Finance-Foundation/FinRobot.

Divide and Conquer for Large Language Models Reasoning

Large language models (LLMs) have shown impressive performance in various reasoning benchmarks with the emergence of Chain-of-Thought (CoT) and its derivative methods, particularly in tasks involving multi-choice questions (MCQs). However, current works all process data uniformly without considering the problem-solving difficulty, which means an excessive focus on simple questions while insufficient to intricate ones. To address this challenge, we inspired by humans using heuristic strategies to categorize tasks and handle them individually, propose to apply the Divide and Conquer to LLMs reasoning. First, we divide questions into different subsets based on the statistical confidence score (CS), then fix nearly resolved sets and conquer demanding nuanced process ones with elaborately designed methods, including Prior Knowledge based Reasoning (PKR) and Filter Choices based Reasoning (FCR), as well as their integration variants. Our experiments demonstrate that this proposed strategy significantly boosts the models' reasoning abilities across nine datasets involving arithmetic, commonsense, and logic tasks. For instance, compared to baseline, we make a striking improvement on low confidence subsets of 8.72\% for AQuA, 15.07\% for ARC Challenge and 7.71\% for RiddleSense. In addition, through extensive analysis on length of rationale and number of options, we verify that longer reasoning paths in PKR could prevent models from referring infer-harmful shortcuts, and also find that removing irrelevant choices in FCR would substantially avoid models' confusion. The code is at https://github.com/AiMijie/Divide-and-Conquer

Concise and Organized Perception Facilitates Large Language Models for Deductive Reasoning

Exploiting large language models (LLMs) to tackle deductive reasoning has garnered growing attention. It still remains highly challenging to achieve satisfactory results in complex deductive problems, characterized by plenty of premises (i.e., facts or rules) entailing intricate relationships among entities and requiring multi-hop reasoning. One intuitive solution is to decompose the original task into smaller sub-tasks, and then chain the multiple casual reasoning steps together in a forward (e.g., Selection-Inference) or backward (e.g., LAMBADA) direction. However, these techniques inevitably necessitate a large number of overall stages, leading to computationally expensive operations and a higher possibility of making misleading steps. In addition to stage-by-stage decomposition, we draw inspiration from another aspect of human problem-solving. Humans tend to distill the most relevant information and organize their thoughts systematically (e.g., creating mind maps), which assists them in answering questions or drawing conclusions precisely and quickly. In light of this, we propose a novel reasoning approach named Concise and Organized Perception (COP). COP carefully analyzes the given statements to efficiently identify the most pertinent information while eliminating redundancy. It then prompts the LLMs in a more organized form that adapts to the model's inference process. By perceiving concise and organized proofs, the deductive reasoning abilities of LLMs can be better elicited, and the risk of acquiring errors caused by excessive reasoning stages is mitigated. Furthermore, our approach can be combined with the aforementioned ones to further boost their performance. Extensive experimental results on three popular deductive benchmarks (i.e., ProofWriter, PrOntoQA and PrOntoQA-OOD) show that COP significantly outperforms previous state-of-the-art methods.

Measuring and Narrowing the Compositionality Gap in Language Models

We investigate the ability of language models to perform compositional reasoning tasks where the overall solution depends on correctly composing the answers to sub-problems. We measure how often models can correctly answer all sub-problems but not generate the overall solution, a ratio we call the compositionality gap. We evaluate this ratio by asking multi-hop questions with answers that require composing multiple facts unlikely to have been observed together during pretraining. In the GPT-3 family of models, as model size increases we show that the single-hop question answering performance improves faster than the multi-hop performance does, therefore the compositionality gap does not decrease. This surprising result suggests that while more powerful models memorize and recall more factual knowledge, they show no corresponding improvement in their ability to perform this kind of compositional reasoning. We then demonstrate how elicitive prompting (such as chain of thought) narrows the compositionality gap by reasoning explicitly instead of implicitly. We present a new method, self-ask, that further improves on chain of thought. In our method, the model explicitly asks itself (and then answers) follow-up questions before answering the initial question. We finally show that self-ask's structured prompting lets us easily plug in a search engine to answer the follow-up questions, which additionally improves accuracy.

Alignment faking in large language models

We present a demonstration of a large language model engaging in alignment faking: selectively complying with its training objective in training to prevent modification of its behavior out of training. First, we give Claude 3 Opus a system prompt stating it is being trained to answer all queries, even harmful ones, which conflicts with its prior training to refuse such queries. To allow the model to infer when it is in training, we say it will be trained only on conversations with free users, not paid users. We find the model complies with harmful queries from free users 14% of the time, versus almost never for paid users. Explaining this gap, in almost all cases where the model complies with a harmful query from a free user, we observe explicit alignment-faking reasoning, with the model stating it is strategically answering harmful queries in training to preserve its preferred harmlessness behavior out of training. Next, we study a more realistic setting where information about the training process is provided not in a system prompt, but by training on synthetic documents that mimic pre-training data--and observe similar alignment faking. Finally, we study the effect of actually training the model to comply with harmful queries via reinforcement learning, which we find increases the rate of alignment-faking reasoning to 78%, though also increases compliance even out of training. We additionally observe other behaviors such as the model exfiltrating its weights when given an easy opportunity. While we made alignment faking easier by telling the model when and by what criteria it was being trained, we did not instruct the model to fake alignment or give it any explicit goal. As future models might infer information about their training process without being told, our results suggest a risk of alignment faking in future models, whether due to a benign preference--as in this case--or not.

Calibrating Reasoning in Language Models with Internal Consistency

Large language models (LLMs) have demonstrated impressive capabilities in various reasoning tasks, aided by techniques like chain-of-thought (CoT) prompting that elicits verbalized reasoning. However, LLMs often generate text with obvious mistakes and contradictions, raising doubts about their ability to robustly process and utilize generated rationales. In this work, we investigate CoT reasoning in LLMs through the lens of internal representations, focusing on how these representations are influenced by generated rationales. Our preliminary analysis reveals that while generated rationales improve answer accuracy, inconsistencies emerge between the model's internal representations in middle layers and those in final layers, potentially undermining the reliability of their reasoning processes. To address this, we propose internal consistency as a measure of the model's confidence by examining the agreement of latent predictions decoded from intermediate layers. Extensive empirical studies across different models and datasets demonstrate that internal consistency effectively distinguishes between correct and incorrect reasoning paths. Motivated by this, we propose a new approach to calibrate CoT reasoning by up-weighting reasoning paths with high internal consistency, resulting in a significant boost in reasoning performance. Further analysis uncovers distinct patterns in attention and feed-forward modules across layers, providing insights into the emergence of internal inconsistency. In summary, our results demonstrate the potential of using internal representations for self-evaluation of LLMs.

The FinBen: An Holistic Financial Benchmark for Large Language Models

LLMs have transformed NLP and shown promise in various fields, yet their potential in finance is underexplored due to a lack of thorough evaluations and the complexity of financial tasks. This along with the rapid development of LLMs, highlights the urgent need for a systematic financial evaluation benchmark for LLMs. In this paper, we introduce FinBen, the first comprehensive open-sourced evaluation benchmark, specifically designed to thoroughly assess the capabilities of LLMs in the financial domain. FinBen encompasses 35 datasets across 23 financial tasks, organized into three spectrums of difficulty inspired by the Cattell-Horn-Carroll theory, to evaluate LLMs' cognitive abilities in inductive reasoning, associative memory, quantitative reasoning, crystallized intelligence, and more. Our evaluation of 15 representative LLMs, including GPT-4, ChatGPT, and the latest Gemini, reveals insights into their strengths and limitations within the financial domain. The findings indicate that GPT-4 leads in quantification, extraction, numerical reasoning, and stock trading, while Gemini shines in generation and forecasting; however, both struggle with complex extraction and forecasting, showing a clear need for targeted enhancements. Instruction tuning boosts simple task performance but falls short in improving complex reasoning and forecasting abilities. FinBen seeks to continuously evaluate LLMs in finance, fostering AI development with regular updates of tasks and models.

MME-Finance: A Multimodal Finance Benchmark for Expert-level Understanding and Reasoning

In recent years, multimodal benchmarks for general domains have guided the rapid development of multimodal models on general tasks. However, the financial field has its peculiarities. It features unique graphical images (e.g., candlestick charts, technical indicator charts) and possesses a wealth of specialized financial knowledge (e.g., futures, turnover rate). Therefore, benchmarks from general fields often fail to measure the performance of multimodal models in the financial domain, and thus cannot effectively guide the rapid development of large financial models. To promote the development of large financial multimodal models, we propose MME-Finance, an bilingual open-ended and practical usage-oriented Visual Question Answering (VQA) benchmark. The characteristics of our benchmark are finance and expertise, which include constructing charts that reflect the actual usage needs of users (e.g., computer screenshots and mobile photography), creating questions according to the preferences in financial domain inquiries, and annotating questions by experts with 10+ years of experience in the financial industry. Additionally, we have developed a custom-designed financial evaluation system in which visual information is first introduced in the multi-modal evaluation process. Extensive experimental evaluations of 19 mainstream MLLMs are conducted to test their perception, reasoning, and cognition capabilities. The results indicate that models performing well on general benchmarks cannot do well on MME-Finance; for instance, the top-performing open-source and closed-source models obtain 65.69 (Qwen2VL-72B) and 63.18 (GPT-4o), respectively. Their performance is particularly poor in categories most relevant to finance, such as candlestick charts and technical indicator charts. In addition, we propose a Chinese version, which helps compare performance of MLLMs under a Chinese context.

Making Large Language Models Better Reasoners with Alignment

Reasoning is a cognitive process of using evidence to reach a sound conclusion. The reasoning capability is essential for large language models (LLMs) to serve as the brain of the artificial general intelligence agent. Recent studies reveal that fine-tuning LLMs on data with the chain of thought (COT) reasoning process can significantly enhance their reasoning capabilities. However, we find that the fine-tuned LLMs suffer from an Assessment Misalignment problem, i.e., they frequently assign higher scores to subpar COTs, leading to potential limitations in their reasoning abilities. To address this problem, we introduce an Alignment Fine-Tuning (AFT) paradigm, which involves three steps: 1) fine-tuning LLMs with COT training data; 2) generating multiple COT responses for each question, and categorizing them into positive and negative ones based on whether they achieve the correct answer; 3) calibrating the scores of positive and negative responses given by LLMs with a novel constraint alignment loss. Specifically, the constraint alignment loss has two objectives: a) Alignment, which guarantees that positive scores surpass negative scores to encourage answers with high-quality COTs; b) Constraint, which keeps the negative scores confined to a reasonable range to prevent the model degradation. Beyond just the binary positive and negative feedback, the constraint alignment loss can be seamlessly adapted to the ranking situations when ranking feedback is accessible. Furthermore, we also delve deeply into recent ranking-based alignment methods, such as DPO, RRHF, and PRO, and discover that the constraint, which has been overlooked by these approaches, is also crucial for their performance. Extensive experiments on four reasoning benchmarks with both binary and ranking feedback demonstrate the effectiveness of AFT.

How susceptible are LLMs to Logical Fallacies?

This paper investigates the rational thinking capability of Large Language Models (LLMs) in multi-round argumentative debates by exploring the impact of fallacious arguments on their logical reasoning performance. More specifically, we present Logic Competence Measurement Benchmark (LOGICOM), a diagnostic benchmark to assess the robustness of LLMs against logical fallacies. LOGICOM involves two agents: a persuader and a debater engaging in a multi-round debate on a controversial topic, where the persuader tries to convince the debater of the correctness of its claim. First, LOGICOM assesses the potential of LLMs to change their opinions through reasoning. Then, it evaluates the debater's performance in logical reasoning by contrasting the scenario where the persuader employs logical fallacies against one where logical reasoning is used. We use this benchmark to evaluate the performance of GPT-3.5 and GPT-4 using a dataset containing controversial topics, claims, and reasons supporting them. Our findings indicate that both GPT-3.5 and GPT-4 can adjust their opinion through reasoning. However, when presented with logical fallacies, GPT-3.5 and GPT-4 are erroneously convinced 41% and 69% more often, respectively, compared to when logical reasoning is used. Finally, we introduce a new dataset containing over 5k pairs of logical vs. fallacious arguments. The source code and dataset of this work are made publicly available.

Boosting the Power of Small Multimodal Reasoning Models to Match Larger Models with Self-Consistency Training

Multimodal reasoning is a challenging task that requires models to reason across multiple modalities to answer questions. Existing approaches have made progress by incorporating language and visual modalities into a two-stage reasoning framework, separating rationale generation from answer inference. However, these approaches often fall short due to the inadequate quality of the generated rationales. In this work, we delve into the importance of rationales in model reasoning. We observe that when rationales are completely accurate, the model's accuracy significantly improves, highlighting the need for high-quality rationale generation. Motivated by this, we propose MC-CoT, a self-consistency training strategy that generates multiple rationales and answers, subsequently selecting the most accurate through a voting process. This approach not only enhances the quality of generated rationales but also leads to more accurate and robust answers. Through extensive experiments, we demonstrate that our approach significantly improves model performance across various benchmarks. Remarkably, we show that even smaller base models, when equipped with our proposed approach, can achieve results comparable to those of larger models, illustrating the potential of our approach in harnessing the power of rationales for improved multimodal reasoning. The code is available at https://github.com/chengtan9907/mc-cot.

Instructing Large Language Models to Identify and Ignore Irrelevant Conditions

Math word problem (MWP) solving requires generating a reasoning path based on a given problem description that often contains irrelevant conditions. Existing chain-of-thought (CoT) prompting methods elicited multi-step reasoning abilities of large language models (LLMs) to solve MWPs. However, they were seriously confused by the irrelevant conditions, resulting in low accuracy. In this paper, we propose a novel approach named I^3C that instructs LLMs to identify and ignore irrelevant conditions. It identifies a set of irrelevant condition candidates that have a weak semantic relevance with the question. Then it prompts LLMs to verify the irrelevant conditions. Lastly it instructs the LLMs with the verification on relevant and irrelevant conditions to avoid confusion and improve reasoning paths. Moreover, we propose to select (problem, reasoning paths) pairs as demonstrations to enhance I^3C with few-shot reasoning. We develop I^3C-Select that selects the most confusing problems based on the semantic relevance measurement. We conduct extensive experiments on eight MWP datasets. I^3C can be combined with any CoT prompting methods to improve the performance of solving MWPs. Notably, with GPT-3.5-Turbo and I^3C-Select, we achieve an accuracy of 96.0 and 94.1 on GSM-IC2-1K and GSM-ICM-1K, respectively, significantly outperforming the state-of-the-art few-shot prompting method Complex-CoT by +11.7 and +11.1. Our implementation is made publicly available at https://wzy6642.github.io/I3C.github.io/.

Reasoning with Language Model is Planning with World Model

Large language models (LLMs) have shown remarkable reasoning capabilities, especially when prompted to generate intermediate reasoning steps (e.g., Chain-of-Thought, CoT). However, LLMs can still struggle with problems that are easy for humans, such as generating action plans for executing tasks in a given environment, or performing complex math, logical, and commonsense reasoning. The deficiency stems from the key fact that LLMs lack an internal world model to predict the world state (e.g., environment status, intermediate variable values) and simulate long-term outcomes of actions. This prevents LLMs from performing deliberate planning akin to human brains, which involves exploring alternative reasoning paths, anticipating future states and rewards, and iteratively refining existing reasoning steps. To overcome the limitations, we propose a new LLM reasoning framework, Reasoning via Planning (RAP). RAP repurposes the LLM as both a world model and a reasoning agent, and incorporates a principled planning algorithm (based on Monto Carlo Tree Search) for strategic exploration in the vast reasoning space. During reasoning, the LLM (as agent) incrementally builds a reasoning tree under the guidance of the LLM (as world model) and task-specific rewards, and obtains a high-reward reasoning path efficiently with a proper balance between exploration vs. exploitation. We apply RAP to a variety of challenging reasoning problems including plan generation, math reasoning, and logical inference. Empirical results on these tasks demonstrate the superiority of RAP over various strong baselines, including CoT and least-to-most prompting with self-consistency. RAP on LLAMA-33B surpasses CoT on GPT-4 with 33% relative improvement in a plan generation setting.

Can LLMs Reason in the Wild with Programs?

Large Language Models (LLMs) have shown superior capability to solve reasoning problems with programs. While being a promising direction, most of such frameworks are trained and evaluated in settings with a prior knowledge of task requirements. However, as LLMs become more capable, it is necessary to assess their reasoning abilities in more realistic scenarios where many real-world problems are open-ended with ambiguous scope, and often require multiple formalisms to solve. To investigate this, we introduce the task of reasoning in the wild, where an LLM is tasked to solve a reasoning problem of unknown type by identifying the subproblems and their corresponding formalisms, and writing a program to solve each subproblem, guided by a tactic. We create a large tactic-guided trajectory dataset containing detailed solutions to a diverse set of reasoning problems, ranging from well-defined single-form reasoning (e.g., math, logic), to ambiguous and hybrid ones (e.g., commonsense, combined math and logic). This allows us to test various aspects of LLMs reasoning at the fine-grained level such as the selection and execution of tactics, and the tendency to take undesired shortcuts. In experiments, we highlight that existing LLMs fail significantly on problems with ambiguous and mixed scope, revealing critical limitations and overfitting issues (e.g. accuracy on GSM8K drops by at least 50\%). We further show the potential of finetuning a local LLM on the tactic-guided trajectories in achieving better performance. Project repo is available at github.com/gblackout/Reason-in-the-Wild

TART: A plug-and-play Transformer module for task-agnostic reasoning

Large language models (LLMs) exhibit in-context learning abilities which enable the same model to perform several tasks without any task-specific training. In contrast, traditional adaptation approaches, such as fine-tuning, modify the underlying models for each specific task. In-context learning, however, consistently underperforms task-specific tuning approaches even when presented with the same examples. While most existing approaches (e.g., prompt engineering) focus on the LLM's learned representations to patch this performance gap, our analysis actually reveal that LLM representations contain sufficient information to make good predictions. As such, we focus on the LLM's reasoning abilities and demonstrate that this performance gap exists due to their inability to perform simple probabilistic reasoning tasks. This raises an intriguing question: Are LLMs actually capable of learning how to reason in a task-agnostic manner? We answer this in the affirmative and propose TART which generically improves an LLM's reasoning abilities using a synthetically trained Transformer-based reasoning module. TART trains this reasoning module in a task-agnostic manner using only synthetic logistic regression tasks and composes it with an arbitrary real-world pre-trained model without any additional training. With a single inference module, TART improves performance across different model families (GPT-Neo, Pythia, BLOOM), model sizes (100M - 6B), tasks (14 NLP binary classification tasks), and even across different modalities (audio and vision). Additionally, on the RAFT Benchmark, TART improves GPT-Neo (125M)'s performance such that it outperforms BLOOM (176B), and is within 4% of GPT-3 (175B). Our code and models are available at https://github.com/HazyResearch/TART .

The Impact of Reasoning Step Length on Large Language Models

Chain of Thought (CoT) is significant in improving the reasoning abilities of large language models (LLMs). However, the correlation between the effectiveness of CoT and the length of reasoning steps in prompts remains largely unknown. To shed light on this, we have conducted several empirical experiments to explore the relations. Specifically, we design experiments that expand and compress the rationale reasoning steps within CoT demonstrations, while keeping all other factors constant. We have the following key findings. First, the results indicate that lengthening the reasoning steps in prompts, even without adding new information into the prompt, considerably enhances LLMs' reasoning abilities across multiple datasets. Alternatively, shortening the reasoning steps, even while preserving the key information, significantly diminishes the reasoning abilities of models. This finding highlights the importance of the number of steps in CoT prompts and provides practical guidance to make better use of LLMs' potential in complex problem-solving scenarios. Second, we also investigated the relationship between the performance of CoT and the rationales used in demonstrations. Surprisingly, the result shows that even incorrect rationales can yield favorable outcomes if they maintain the requisite length of inference. Third, we observed that the advantages of increasing reasoning steps are task-dependent: simpler tasks require fewer steps, whereas complex tasks gain significantly from longer inference sequences.

We-Math: Does Your Large Multimodal Model Achieve Human-like Mathematical Reasoning?

Visual mathematical reasoning, as a fundamental visual reasoning ability, has received widespread attention from the Large Multimodal Models (LMMs) community. Existing benchmarks, such as MathVista and MathVerse, focus more on the result-oriented performance but neglect the underlying principles in knowledge acquisition and generalization. Inspired by human-like mathematical reasoning, we introduce WE-MATH, the first benchmark specifically designed to explore the problem-solving principles beyond end-to-end performance. We meticulously collect and categorize 6.5K visual math problems, spanning 67 hierarchical knowledge concepts and five layers of knowledge granularity. We decompose composite problems into sub-problems according to the required knowledge concepts and introduce a novel four-dimensional metric, namely Insufficient Knowledge (IK), Inadequate Generalization (IG), Complete Mastery (CM), and Rote Memorization (RM), to hierarchically assess inherent issues in LMMs' reasoning process. With WE-MATH, we conduct a thorough evaluation of existing LMMs in visual mathematical reasoning and reveal a negative correlation between solving steps and problem-specific performance. We confirm the IK issue of LMMs can be effectively improved via knowledge augmentation strategies. More notably, the primary challenge of GPT-4o has significantly transitioned from IK to IG, establishing it as the first LMM advancing towards the knowledge generalization stage. In contrast, other LMMs exhibit a marked inclination towards Rote Memorization - they correctly solve composite problems involving multiple knowledge concepts yet fail to answer sub-problems. We anticipate that WE-MATH will open new pathways for advancements in visual mathematical reasoning for LMMs. The WE-MATH data and evaluation code are available at https://github.com/We-Math/We-Math.

ProcBench: Benchmark for Multi-Step Reasoning and Following Procedure

Reasoning is central to a wide range of intellectual activities, and while the capabilities of large language models (LLMs) continue to advance, their performance in reasoning tasks remains limited. The processes and mechanisms underlying reasoning are not yet fully understood, but key elements include path exploration, selection of relevant knowledge, and multi-step inference. Problems are solved through the synthesis of these components. In this paper, we propose a benchmark that focuses on a specific aspect of reasoning ability: the direct evaluation of multi-step inference. To this end, we design a special reasoning task where multi-step inference is specifically focused by largely eliminating path exploration and implicit knowledge utilization. Our dataset comprises pairs of explicit instructions and corresponding questions, where the procedures necessary for solving the questions are entirely detailed within the instructions. This setup allows models to solve problems solely by following the provided directives. By constructing problems that require varying numbers of steps to solve and evaluating responses at each step, we enable a thorough assessment of state-of-the-art LLMs' ability to follow instructions. To ensure the robustness of our evaluation, we include multiple distinct tasks. Furthermore, by comparing accuracy across tasks, utilizing step-aware metrics, and applying separately defined measures of complexity, we conduct experiments that offer insights into the capabilities and limitations of LLMs in reasoning tasks. Our findings have significant implications for the development of LLMs and highlight areas for future research in advancing their reasoning abilities. Our dataset is available at https://huggingface.co/datasets/ifujisawa/procbench and code at https://github.com/ifujisawa/proc-bench.

Unlocking the Capabilities of Thought: A Reasoning Boundary Framework to Quantify and Optimize Chain-of-Thought

Chain-of-Thought (CoT) reasoning has emerged as a promising approach for enhancing the performance of large language models (LLMs) on complex reasoning tasks. Recently, a series of studies attempt to explain the mechanisms underlying CoT, aiming to deepen the understanding of its efficacy. Nevertheless, the existing research faces two major challenges: (1) a lack of quantitative metrics to assess CoT capabilities and (2) a dearth of guidance on optimizing CoT performance. Motivated by this, in this work, we introduce a novel reasoning boundary framework (RBF) to address these challenges. To solve the lack of quantification, we first define a reasoning boundary (RB) to quantify the upper-bound of CoT and establish a combination law for RB, enabling a practical quantitative approach applicable to various real-world CoT tasks. To address the lack of optimization, we propose three categories of RBs. We further optimize these categories with combination laws focused on RB promotion and reasoning path optimization for CoT improvement. Through extensive experiments on 27 models and 5 tasks, the study validates the existence and rationality of the proposed framework. Furthermore, it explains the effectiveness of 10 CoT strategies and guides optimization from two perspectives. We hope this work can provide a comprehensive understanding of the boundaries and optimization strategies for reasoning in LLMs. Our code and data are available at https://github.com/LightChen233/reasoning-boundary.

Inference Scaling vs Reasoning: An Empirical Analysis of Compute-Optimal LLM Problem-Solving

Recent advances in large language models (LLMs) have predominantly focused on maximizing accuracy and reasoning capabilities, often overlooking crucial computational efficiency considerations. While this approach has yielded impressive accuracy improvements, it has led to methods that may be impractical for real-world deployment due to computational overhead and latency constraints. This paper investigates the potential synergy between reasoning enhancement and computational efficiency by analyzing the integration of two contrasting approaches: Quiet-STaR (Self-Taught Reasoner) and REBASE (REward BAlanced SEarch). Through comprehensive empirical analysis using the Mistral-7B model on the GSM8K dataset, we demonstrate that while each method excels in its primary objective-Quiet-STaR achieving superior accuracy (32.03%) despite high computational cost (554.66s runtime, 12.73T FLOPs), and REBASE providing exceptional efficiency (8.47s runtime, 2.35T FLOPs) while maintaining baseline-comparable accuracy (10.94%)-their integration reveals fundamental challenges in reconciling reasoning depth with computational efficiency. The combined approach unexpectedly results in degraded performance (9.38% accuracy, 143.66s runtime), highlighting critical insights about the complex interplay between reasoning enhancement and efficiency optimization in LLMs. Our findings illuminate the need for novel architectures and algorithms specifically designed to bridge the gap between these competing objectives, while providing concrete directions for future research in compute-efficient reasoning methods.

Forward-Backward Reasoning in Large Language Models for Mathematical Verification

Chain-of-Thought (CoT) prompting in large language models (LLMs) has shown promising performance on mathematical reasoning tasks. Recently, Self-Consistency samples a diverse set of reasoning chains with different answers and chooses the answer by majority voting. Though effective, its performance cannot be further improved by sampling more reasoning chains. To address this problem, we propose to integrate backward reasoning into answer verification. We first mask a number in the question by {bf x}. The LLM is then asked to predict the masked number with a candidate answer A embedded in the template: ``If we know the answer to the above question is {A}, what is the value of unknown variable {bf x}?'' The LLM is expected to predict the masked number successfully if the provided candidate answer is correct. To further improve performance, we propose FOBAR (FOrward-BAckward Reasoning) to combine forward and backward reasoning for verifying candidate answers. Experiments are performed on six standard mathematical data sets and three LLMs (text-davinci-003, GPT-3.5-Turbo, GPT-4). Results show that FOBAR achieves state-of-the-art performance. In particular, FOBAR outperforms Self-Consistency which uses forward reasoning alone, demonstrating that combining forward and forward reasoning is better. It also outperforms existing verification methods, verifying the effectiveness of using the simple template in backward reasoning and the proposed combination.

Revolutionizing Finance with LLMs: An Overview of Applications and Insights

In recent years, Large Language Models (LLMs) like ChatGPT have seen considerable advancements and have been applied in diverse fields. Built on the Transformer architecture, these models are trained on extensive datasets, enabling them to understand and generate human language effectively. In the financial domain, the deployment of LLMs is gaining momentum. These models are being utilized for automating financial report generation, forecasting market trends, analyzing investor sentiment, and offering personalized financial advice. Leveraging their natural language processing capabilities, LLMs can distill key insights from vast financial data, aiding institutions in making informed investment choices and enhancing both operational efficiency and customer satisfaction. In this study, we provide a comprehensive overview of the emerging integration of LLMs into various financial tasks. Additionally, we conducted holistic tests on multiple financial tasks through the combination of natural language instructions. Our findings show that GPT-4 effectively follow prompt instructions across various financial tasks. This survey and evaluation of LLMs in the financial domain aim to deepen the understanding of LLMs' current role in finance for both financial practitioners and LLM researchers, identify new research and application prospects, and highlight how these technologies can be leveraged to solve practical challenges in the finance industry.

Advancing Investment Frontiers: Industry-grade Deep Reinforcement Learning for Portfolio Optimization

This research paper delves into the application of Deep Reinforcement Learning (DRL) in asset-class agnostic portfolio optimization, integrating industry-grade methodologies with quantitative finance. At the heart of this integration is our robust framework that not only merges advanced DRL algorithms with modern computational techniques but also emphasizes stringent statistical analysis, software engineering and regulatory compliance. To the best of our knowledge, this is the first study integrating financial Reinforcement Learning with sim-to-real methodologies from robotics and mathematical physics, thus enriching our frameworks and arguments with this unique perspective. Our research culminates with the introduction of AlphaOptimizerNet, a proprietary Reinforcement Learning agent (and corresponding library). Developed from a synthesis of state-of-the-art (SOTA) literature and our unique interdisciplinary methodology, AlphaOptimizerNet demonstrates encouraging risk-return optimization across various asset classes with realistic constraints. These preliminary results underscore the practical efficacy of our frameworks. As the finance sector increasingly gravitates towards advanced algorithmic solutions, our study bridges theoretical advancements with real-world applicability, offering a template for ensuring safety and robust standards in this technologically driven future.

CasiMedicos-Arg: A Medical Question Answering Dataset Annotated with Explanatory Argumentative Structures

Explaining Artificial Intelligence (AI) decisions is a major challenge nowadays in AI, in particular when applied to sensitive scenarios like medicine and law. However, the need to explain the rationale behind decisions is a main issue also for human-based deliberation as it is important to justify why a certain decision has been taken. Resident medical doctors for instance are required not only to provide a (possibly correct) diagnosis, but also to explain how they reached a certain conclusion. Developing new tools to aid residents to train their explanation skills is therefore a central objective of AI in education. In this paper, we follow this direction, and we present, to the best of our knowledge, the first multilingual dataset for Medical Question Answering where correct and incorrect diagnoses for a clinical case are enriched with a natural language explanation written by doctors. These explanations have been manually annotated with argument components (i.e., premise, claim) and argument relations (i.e., attack, support), resulting in the Multilingual CasiMedicos-Arg dataset which consists of 558 clinical cases in four languages (English, Spanish, French, Italian) with explanations, where we annotated 5021 claims, 2313 premises, 2431 support relations, and 1106 attack relations. We conclude by showing how competitive baselines perform over this challenging dataset for the argument mining task.

Logic-of-Thought: Injecting Logic into Contexts for Full Reasoning in Large Language Models

Large Language Models (LLMs) have demonstrated remarkable capabilities across various tasks but their performance in complex logical reasoning tasks remains unsatisfactory. Although some prompting methods, such as Chain-of-Thought, can improve the reasoning ability of LLMs to some extent, they suffer from an unfaithful issue where derived conclusions may not align with the generated reasoning chain. To address this issue, some studies employ the approach of propositional logic to further enhance logical reasoning abilities of LLMs. However, the potential omissions in the extraction of logical expressions in these methods can cause information loss in the logical reasoning process, thereby generating incorrect results. To this end, we propose Logic-of-Thought (LoT) prompting which employs propositional logic to generate expanded logical information from input context, and utilizes the generated logical information as an additional augmentation to the input prompts, thereby enhancing the capability of logical reasoning. The LoT is orthogonal to existing prompting methods and can be seamlessly integrated with them. Extensive experiments demonstrate that LoT boosts the performance of various prompting methods with a striking margin across five logical reasoning tasks. In particular, the LoT enhances Chain-of-Thought's performance on the ReClor dataset by +4.35%; moreover, it improves Chain-of-Thought with Self-Consistency's performance on LogiQA by +5%; additionally, it boosts performance of Tree-of-Thoughts on ProofWriter dataset by +8%.

UGMathBench: A Diverse and Dynamic Benchmark for Undergraduate-Level Mathematical Reasoning with Large Language Models

Large Language Models (LLMs) have made significant strides in mathematical reasoning, underscoring the need for a comprehensive and fair evaluation of their capabilities. However, existing benchmarks often fall short, either lacking extensive coverage of undergraduate-level mathematical problems or probably suffering from test-set contamination. To address these issues, we introduce UGMathBench, a diverse and dynamic benchmark specifically designed for evaluating undergraduate-level mathematical reasoning with LLMs. UGMathBench comprises 5,062 problems across 16 subjects and 111 topics, featuring 10 distinct answer types. Each problem includes three randomized versions, with additional versions planned for release as leading open-source LLMs become saturated in UGMathBench. Furthermore, we propose two key metrics: effective accuracy (EAcc), which measures the percentage of correctly solved problems across all three versions, and reasoning gap (Delta), which assesses reasoning robustness by calculating the difference between the average accuracy across all versions and EAcc. Our extensive evaluation of 23 leading LLMs reveals that the highest EAcc achieved is 56.3\% by OpenAI-o1-mini, with large Delta values observed across different models. This highlights the need for future research aimed at developing "large reasoning models" with high EAcc and Delta = 0. We anticipate that the release of UGMathBench, along with its detailed evaluation codes, will serve as a valuable resource to advance the development of LLMs in solving mathematical problems.

Outcome-supervised Verifiers for Planning in Mathematical Reasoning

Large language models (LLMs) often struggle with maintaining accuracy across a sequence of intermediate reasoning steps in mathematical reasoning, leading to error propagation that undermines the final result. The current methodology to mitigate this issue primarily involves using a verifier model to assess the correctness of generated solution candidates, focusing either on the overall reasoning path or on an incomplete reasoning path. By rethinking this approach, we argue that assessing potentials of incomplete reasoning paths could be more advantageous as it guides towards correct final answers, transforming the task into a planning problem. Our proposed verifier, the Outcome-supervision Value Model (OVM), employs outcome supervision for training, offering an efficient and intuitive method for planning by prioritizing steps that lead to accurate conclusions over mere per-step correctness. Furthermore, the OVM eschews the need for labor-intensive annotations on step-level correctness, enhancing its scalability. Our experiments on two multi-step mathematical reasoning datasets, GSM8K and Game of 24, demonstrate the superior performance of the OVM model. Notably, in GSM8K, our OVM-7B model achieves state-of-the-art results among LLMs up to 13B parameters; especially it does not utilize GPT-4 or code execution. These findings offer a novel perspective on the role of outcome supervision in training verifiers for multi-step reasoning tasks and provide theoretical justification for its advantage in value estimation for planning.

Can LLMs Learn from Previous Mistakes? Investigating LLMs' Errors to Boost for Reasoning

Recent works have shown the benefits to LLMs from fine-tuning golden-standard Chain-of-Thought (CoT) rationales or using them as correct examples in few-shot prompting. While humans can indeed imitate correct examples, learning from our mistakes is another vital aspect of human cognition. Hence, a question naturally arises: can LLMs learn and benefit from their mistakes, especially for their reasoning? This study investigates this problem from both the prompting and model-tuning perspectives. We begin by introducing CoTErrorSet, a new benchmark with 609,432 questions, each designed with both correct and error references, and demonstrating the types and reasons for making such mistakes. To explore the effectiveness of those mistakes, we design two methods: (1) Self-rethinking prompting guides LLMs to rethink whether they have made similar previous mistakes; and (2) Mistake tuning involves finetuning models in both correct and incorrect reasoning domains, rather than only tuning models to learn ground truth in traditional methodology. We conduct a series of experiments to prove LLMs can obtain benefits from mistakes in both directions. Our two methods offer potentially cost-effective strategies by leveraging errors to enhance reasoning capabilities, which costs significantly less than creating meticulously hand-crafted golden references. We ultimately make a thorough analysis of the reasons behind LLMs' errors, which provides directions that future research needs to overcome. CoTErrorSet will be published soon on \url{https://github.com/YookiTong/Learn-from-Mistakes-CotErrorSet}.

RECKONING: Reasoning through Dynamic Knowledge Encoding

Recent studies on transformer-based language models show that they can answer questions by reasoning over knowledge provided as part of the context (i.e., in-context reasoning). However, since the available knowledge is often not filtered for a particular question, in-context reasoning can be sensitive to distractor facts, additional content that is irrelevant to a question but that may be relevant for a different question (i.e., not necessarily random noise). In these situations, the model fails to distinguish the knowledge that is necessary to answer the question, leading to spurious reasoning and degraded performance. This reasoning failure contrasts with the model's apparent ability to distinguish its contextual knowledge from all the knowledge it has memorized during pre-training. Following this observation, we propose teaching the model to reason more robustly by folding the provided contextual knowledge into the model's parameters before presenting it with a question. Our method, RECKONING, is a bi-level learning algorithm that teaches language models to reason by updating their parametric knowledge through back-propagation, allowing them to then answer questions using the updated parameters. During training, the inner loop rapidly adapts a copy of the model weights to encode contextual knowledge into its parameters. In the outer loop, the model learns to use the updated weights to reproduce and answer reasoning questions about the memorized knowledge. Our experiments on two multi-hop reasoning datasets show that RECKONING's performance improves over the in-context reasoning baseline (by up to 4.5%). We also find that compared to in-context reasoning, RECKONING generalizes better to longer reasoning chains unseen during training, is more robust to distractors in the context, and is more computationally efficient when multiple questions are asked about the same knowledge.

Golden Touchstone: A Comprehensive Bilingual Benchmark for Evaluating Financial Large Language Models

As large language models become increasingly prevalent in the financial sector, there is a pressing need for a standardized method to comprehensively assess their performance. However, existing finance benchmarks often suffer from limited language and task coverage, as well as challenges such as low-quality datasets and inadequate adaptability for LLM evaluation. To address these limitations, we propose "Golden Touchstone", the first comprehensive bilingual benchmark for financial LLMs, which incorporates representative datasets from both Chinese and English across eight core financial NLP tasks. Developed from extensive open source data collection and industry-specific demands, this benchmark includes a variety of financial tasks aimed at thoroughly assessing models' language understanding and generation capabilities. Through comparative analysis of major models on the benchmark, such as GPT-4o Llama3, FinGPT and FinMA, we reveal their strengths and limitations in processing complex financial information. Additionally, we open-sourced Touchstone-GPT, a financial LLM trained through continual pre-training and financial instruction tuning, which demonstrates strong performance on the bilingual benchmark but still has limitations in specific tasks.This research not only provides the financial large language models with a practical evaluation tool but also guides the development and optimization of future research. The source code for Golden Touchstone and model weight of Touchstone-GPT have been made publicly available at https://github.com/IDEA-FinAI/Golden-Touchstone, contributing to the ongoing evolution of FinLLMs and fostering further research in this critical area.

Automatic Curriculum Expert Iteration for Reliable LLM Reasoning

Hallucinations (i.e., generating plausible but inaccurate content) and laziness (i.e. excessive refusals or defaulting to "I don't know") persist as major challenges in LLM reasoning. Current efforts to reduce hallucinations primarily focus on factual errors in knowledge-grounded tasks, often neglecting hallucinations related to faulty reasoning. Meanwhile, some approaches render LLMs overly conservative, limiting their problem-solving capabilities. To mitigate hallucination and laziness in reasoning tasks, we propose Automatic Curriculum Expert Iteration (Auto-CEI) to enhance LLM reasoning and align responses to the model's capabilities--assertively answering within its limits and declining when tasks exceed them. In our method, Expert Iteration explores the reasoning trajectories near the LLM policy, guiding incorrect paths back on track to reduce compounding errors and improve robustness; it also promotes appropriate "I don't know" responses after sufficient reasoning attempts. The curriculum automatically adjusts rewards, incentivizing extended reasoning before acknowledging incapability, thereby pushing the limits of LLM reasoning and aligning its behaviour with these limits. We compare Auto-CEI with various SOTA baselines across logical reasoning, mathematics, and planning tasks, where Auto-CEI achieves superior alignment by effectively balancing assertiveness and conservativeness.

LLM Reasoners: New Evaluation, Library, and Analysis of Step-by-Step Reasoning with Large Language Models

Generating accurate step-by-step reasoning is essential for Large Language Models (LLMs) to address complex problems and enhance robustness and interpretability. Despite the flux of research on developing advanced reasoning approaches, systematically analyzing the diverse LLMs and reasoning strategies in generating reasoning chains remains a significant challenge. The difficulties stem from the lack of two key elements: (1) an automatic method for evaluating the generated reasoning chains on different tasks, and (2) a unified formalism and implementation of the diverse reasoning approaches for systematic comparison. This paper aims to close the gap: (1) We introduce AutoRace for fully automated reasoning chain evaluation. Existing metrics rely on expensive human annotations or pre-defined LLM prompts not adaptable to different tasks. In contrast, AutoRace automatically creates detailed evaluation criteria tailored for each task, and uses GPT-4 for accurate evaluation following the criteria. (2) We develop LLM Reasoners, a library for standardized modular implementation of existing and new reasoning algorithms, under a unified formulation of the search, reward, and world model components. With the new evaluation and library, (3) we conduct extensive study of different reasoning approaches (e.g., CoT, ToT, RAP). The analysis reveals interesting findings about different factors contributing to reasoning, including the reward-guidance, breadth-vs-depth in search, world model, and prompt formats, etc.

Chain of Thoughtlessness: An Analysis of CoT in Planning

Large language model (LLM) performance on reasoning problems typically does not generalize out of distribution. Previous work has claimed that this can be mitigated by modifying prompts to include examples with chains of thought--demonstrations of solution procedures--with the intuition that it is possible to in-context teach an LLM an algorithm for solving the problem. This paper presents a case study of chain of thought on problems from Blocksworld, a classical planning domain, and examine the performance of two state-of-the-art LLMs across two axes: generality of examples given in prompt, and complexity of problems queried with each prompt. While our problems are very simple, we only find meaningful performance improvements from chain of thought prompts when those prompts are exceedingly specific to their problem class, and that those improvements quickly deteriorate as the size n of the query-specified stack grows past the size of stacks shown in the examples. Our results hint that, contrary to previous claims in the literature, CoT's performance improvements do not stem from the model learning general algorithmic procedures via demonstrations and depend on carefully engineering highly problem specific prompts. This spotlights drawbacks of chain of thought, especially because of the sharp tradeoff between possible performance gains and the amount of human labor necessary to generate examples with correct reasoning traces.

Enhancing the Reasoning Capabilities of Small Language Models via Solution Guidance Fine-Tuning

Large language models (LLMs) have demonstrated remarkable performance across a wide range of tasks. Advances in prompt engineering and fine-tuning techniques have further enhanced their ability to address complex reasoning challenges. However, these advanced capabilities are often exclusive to models exceeding 100 billion parameters. Although Chain-of-Thought (CoT) fine-tuning methods have been explored for smaller models (under 10 billion parameters), they typically depend on extensive CoT training data, which can introduce inconsistencies and limit effectiveness in low-data settings. To overcome these limitations, this paper introduce a new reasoning strategy Solution Guidance (SG) and a plug-and-play training paradigm Solution-Guidance Fine-Tuning (SGFT) for enhancing the reasoning capabilities of small language models. SG focuses on problem understanding and decomposition at the semantic and logical levels, rather than specific computations, which can effectively improve the SLMs' generalization and reasoning abilities. With only a small amount of SG training data, SGFT can fine-tune a SLM to produce accurate problem-solving guidances, which can then be flexibly fed to any SLM as prompts, enabling it to generate correct answers directly. Experimental results demonstrate that our method significantly improves the performance of SLMs on various reasoning tasks, enhancing both their practicality and efficiency within resource-constrained environments.

FinMem: A Performance-Enhanced LLM Trading Agent with Layered Memory and Character Design

Recent advancements in Large Language Models (LLMs) have exhibited notable efficacy in question-answering (QA) tasks across diverse domains. Their prowess in integrating extensive web knowledge has fueled interest in developing LLM-based autonomous agents. While LLMs are efficient in decoding human instructions and deriving solutions by holistically processing historical inputs, transitioning to purpose-driven agents requires a supplementary rational architecture to process multi-source information, establish reasoning chains, and prioritize critical tasks. Addressing this, we introduce FinMem, a novel LLM-based agent framework devised for financial decision-making. It encompasses three core modules: Profiling, to customize the agent's characteristics; Memory, with layered message processing, to aid the agent in assimilating hierarchical financial data; and Decision-making, to convert insights gained from memories into investment decisions. Notably, FinMem's memory module aligns closely with the cognitive structure of human traders, offering robust interpretability and real-time tuning. Its adjustable cognitive span allows for the retention of critical information beyond human perceptual limits, thereby enhancing trading outcomes. This framework enables the agent to self-evolve its professional knowledge, react agilely to new investment cues, and continuously refine trading decisions in the volatile financial environment. We first compare FinMem with various algorithmic agents on a scalable real-world financial dataset, underscoring its leading trading performance in stocks. We then fine-tuned the agent's perceptual span and character setting to achieve a significantly enhanced trading performance. Collectively, FinMem presents a cutting-edge LLM agent framework for automated trading, boosting cumulative investment returns.

Token-Supervised Value Models for Enhancing Mathematical Reasoning Capabilities of Large Language Models

Large Language Models (LLMs) have demonstrated impressive problem-solving capabilities in mathematics through step-by-step reasoning chains. However, they are susceptible to reasoning errors that impact the quality of subsequent reasoning chains and the final answer due to language models' autoregressive token-by-token generating nature. Recent works have proposed adopting external verifiers to guide the generation of reasoning paths, but existing works utilize models that have been trained with step-by-step labels to assess the correctness of token-by-token reasoning chains. Consequently, they struggle to recognize discriminative details of tokens within a reasoning path and lack the ability to evaluate whether an intermediate reasoning path is on a promising track toward the correct final answer. To amend the lack of sound and token-grained math-verification signals, we devise a novel training scheme for verifiers that apply token-level supervision with the expected cumulative reward (i.e., value). Furthermore, we propose a practical formulation of the cumulative reward by reducing it to finding the probability of future correctness of the final answer and thereby enabling the empirical estimation of the value. Experimental results on mathematical reasoning benchmarks show that Token-Supervised Value Model (TVM) can outperform step-by-step verifiers on GSM8K and MATH with Mistral and Llama.

Dynamic Prompt Learning via Policy Gradient for Semi-structured Mathematical Reasoning

Mathematical reasoning, a core ability of human intelligence, presents unique challenges for machines in abstract thinking and logical reasoning. Recent large pre-trained language models such as GPT-3 have achieved remarkable progress on mathematical reasoning tasks written in text form, such as math word problems (MWP). However, it is unknown if the models can handle more complex problems that involve math reasoning over heterogeneous information, such as tabular data. To fill the gap, we present Tabular Math Word Problems (TabMWP), a new dataset containing 38,431 open-domain grade-level problems that require mathematical reasoning on both textual and tabular data. Each question in TabMWP is aligned with a tabular context, which is presented as an image, semi-structured text, and a structured table. There are two types of questions: free-text and multi-choice, and each problem is annotated with gold solutions to reveal the multi-step reasoning process. We evaluate different pre-trained models on TabMWP, including the GPT-3 model in a few-shot setting. As earlier studies suggest, since few-shot GPT-3 relies on the selection of in-context examples, its performance is unstable and can degrade to near chance. The unstable issue is more severe when handling complex problems like TabMWP. To mitigate this, we further propose a novel approach, PromptPG, which utilizes policy gradient to learn to select in-context examples from a small amount of training data and then constructs the corresponding prompt for the test example. Experimental results show that our method outperforms the best baseline by 5.31% on the accuracy metric and reduces the prediction variance significantly compared to random selection, which verifies its effectiveness in selecting in-context examples.

ALR^2: A Retrieve-then-Reason Framework for Long-context Question Answering

The context window of large language models (LLMs) has been extended significantly in recent years. However, while the context length that the LLM can process has grown, the capability of the model to accurately reason over that context degrades noticeably. This occurs because modern LLMs often become overwhelmed by the vast amount of information in the context; when answering questions, the model must identify and reason over relevant evidence sparsely distributed throughout the text. To alleviate the challenge of long-context reasoning, we develop a retrieve-then-reason framework, enabling LLMs to reason over relevant evidence collected during an intermediate retrieval step. We find that modern LLMs struggle to accurately retrieve relevant facts and instead, often hallucinate "retrieved facts", resulting in flawed reasoning and the production of incorrect answers. To address these issues, we introduce ALR^2, a method that augments the long-context reasoning capability of LLMs via an explicit two-stage procedure, i.e., aligning LLMs with the objectives of both retrieval and reasoning. We demonstrate the efficacy of ALR^2 for mitigating performance degradation in long-context reasoning tasks. Through extensive experiments on long-context QA benchmarks, we find our method to outperform competitive baselines by large margins, achieving at least 8.4 and 7.9 EM gains on the long-context versions of HotpotQA and SQuAD datasets, respectively.

A & B == B & A: Triggering Logical Reasoning Failures in Large Language Models

Recent advancements in large language models (LLMs) have propelled Artificial Intelligence (AI) to new heights, enabling breakthroughs in various tasks such as writing assistance, code generation, and machine translation. A significant distinction of advanced LLMs, such as ChatGPT, is their demonstrated ability to "reason." However, evaluating the reasoning ability of LLMs remains a challenge as most existing evaluations focus on their accuracy on the downstream tasks rather than directly assessing their reasoning processes. Efforts have been made to develop benchmarks and metrics to assess reasoning in LLMs, but they suffer from data leakage or limited scope. In this paper, we introduce LogicAsker, an automatic approach that comprehensively evaluates and improves the logical reasoning abilities of LLMs under a set of atomic reasoning skills based on propositional and predicate logic. The results provide insights into LLMs' reasoning abilities and reveal the logical rules the LLMs did not learn well. We evaluate LogicAsker on six widely deployed LLMs, including GPT-3, ChatGPT, GPT-4, Bard, Vicuna, and Guanaco. The results show that test cases from LogicAsker can find logical reasoning failures in different LLMs with a rate of 25\% - 94\%. In addition, the test cases of LogicAsker can be further used to design demonstration examples for in-context learning, which effectively improves the logical reasoning ability of LLMs, e.g., 10\% for GPT-4. As far as we know, our work is the first to create prompts based on testing results to improve LLMs' formal reasoning ability effectively. All the code, data, and results will be released for reproduction and future research.

DEUP: Direct Epistemic Uncertainty Prediction

Epistemic Uncertainty is a measure of the lack of knowledge of a learner which diminishes with more evidence. While existing work focuses on using the variance of the Bayesian posterior due to parameter uncertainty as a measure of epistemic uncertainty, we argue that this does not capture the part of lack of knowledge induced by model misspecification. We discuss how the excess risk, which is the gap between the generalization error of a predictor and the Bayes predictor, is a sound measure of epistemic uncertainty which captures the effect of model misspecification. We thus propose a principled framework for directly estimating the excess risk by learning a secondary predictor for the generalization error and subtracting an estimate of aleatoric uncertainty, i.e., intrinsic unpredictability. We discuss the merits of this novel measure of epistemic uncertainty, and highlight how it differs from variance-based measures of epistemic uncertainty and addresses its major pitfall. Our framework, Direct Epistemic Uncertainty Prediction (DEUP) is particularly interesting in interactive learning environments, where the learner is allowed to acquire novel examples in each round. Through a wide set of experiments, we illustrate how existing methods in sequential model optimization can be improved with epistemic uncertainty estimates from DEUP, and how DEUP can be used to drive exploration in reinforcement learning. We also evaluate the quality of uncertainty estimates from DEUP for probabilistic image classification and predicting synergies of drug combinations.

Seemingly Plausible Distractors in Multi-Hop Reasoning: Are Large Language Models Attentive Readers?

State-of-the-art Large Language Models (LLMs) are accredited with an increasing number of different capabilities, ranging from reading comprehension, over advanced mathematical and reasoning skills to possessing scientific knowledge. In this paper we focus on their multi-hop reasoning capability: the ability to identify and integrate information from multiple textual sources. Given the concerns with the presence of simplifying cues in existing multi-hop reasoning benchmarks, which allow models to circumvent the reasoning requirement, we set out to investigate, whether LLMs are prone to exploiting such simplifying cues. We find evidence that they indeed circumvent the requirement to perform multi-hop reasoning, but they do so in more subtle ways than what was reported about their fine-tuned pre-trained language model (PLM) predecessors. Motivated by this finding, we propose a challenging multi-hop reasoning benchmark, by generating seemingly plausible multi-hop reasoning chains, which ultimately lead to incorrect answers. We evaluate multiple open and proprietary state-of-the-art LLMs, and find that their performance to perform multi-hop reasoning is affected, as indicated by up to 45% relative decrease in F1 score when presented with such seemingly plausible alternatives. We conduct a deeper analysis and find evidence that while LLMs tend to ignore misleading lexical cues, misleading reasoning paths indeed present a significant challenge.

Flow of Reasoning: Efficient Training of LLM Policy with Divergent Thinking

Divergent thinking, the cognitive process of generating diverse solutions, is a hallmark of human creativity and problem-solving. For machines, sampling diverse solution trajectories in complex reasoning problems is crucial for robust outcomes, data augmentation, and enhanced model generalization. Large language models (LLMs) often struggle with generating high-quality, diverse reasoning. While supervised fine-tuning helps with quality, it requires extensive supervision data to capture the full diversity of solutions. Alternatively, reinforcement learning methods like PPO aim to find limited highest-reward solutions while neglecting the solution diversity, akin to convergent thinking. To address these limitations, we propose Flow of Reasoning (FoR) -- an efficient LLM training approach enabling diverse reasoning with minimal data. FoR formulates multi-step LLM reasoning as a Markovian flow from an initial state to terminal states. The formulation allows to adapt principled GFlowNet approaches to train the LLM as a policy, which is able to sample multiple reasoning paths with probabilities proportional to the unnormalized reward. Empirical results show that, with limited training data (e.g., 15 examples), FoR can discover diverse high-quality solutions that excel greatly beyond current state-of-the-art methods across three tasks, including embodied reasoning (BlocksWorld), math puzzle solving (Game24), and logical reasoning (PrOntoQA). Code is available at https://github.com/Yu-Fangxu/FoR.

FlowMind: Automatic Workflow Generation with LLMs

The rapidly evolving field of Robotic Process Automation (RPA) has made significant strides in automating repetitive processes, yet its effectiveness diminishes in scenarios requiring spontaneous or unpredictable tasks demanded by users. This paper introduces a novel approach, FlowMind, leveraging the capabilities of Large Language Models (LLMs) such as Generative Pretrained Transformer (GPT), to address this limitation and create an automatic workflow generation system. In FlowMind, we propose a generic prompt recipe for a lecture that helps ground LLM reasoning with reliable Application Programming Interfaces (APIs). With this, FlowMind not only mitigates the common issue of hallucinations in LLMs, but also eliminates direct interaction between LLMs and proprietary data or code, thus ensuring the integrity and confidentiality of information - a cornerstone in financial services. FlowMind further simplifies user interaction by presenting high-level descriptions of auto-generated workflows, enabling users to inspect and provide feedback effectively. We also introduce NCEN-QA, a new dataset in finance for benchmarking question-answering tasks from N-CEN reports on funds. We used NCEN-QA to evaluate the performance of workflows generated by FlowMind against baseline and ablation variants of FlowMind. We demonstrate the success of FlowMind, the importance of each component in the proposed lecture recipe, and the effectiveness of user interaction and feedback in FlowMind.

Evidence to Generate (E2G): A Single-agent Two-step Prompting for Context Grounded and Retrieval Augmented Reasoning

While chain-of-thought (CoT) prompting has revolutionized how LLMs perform reasoning tasks, its current methods and variations (e.g, Self-consistency, ReACT, Reflexion, Tree-of-Thoughts (ToT), Cumulative Reasoning (CR)) suffer from limitations like slowness, limited context grounding, hallucination and inconsistent outputs. To overcome these challenges, we introduce Evidence to Generate (E2G), a novel single-agent, two-step prompting framework. Instead of unverified reasoning claims, this innovative approach leverages the power of "evidence for decision making" by first focusing exclusively on the thought sequences (the series of intermediate steps) explicitly mentioned in the context which then serve as extracted evidence, guiding the LLM's output generation process with greater precision and efficiency. This simple yet powerful approach unlocks the true potential of chain-of-thought like prompting, paving the way for faster, more reliable, and more contextually aware reasoning in LLMs. \tool achieves remarkable results robustly across a wide range of knowledge-intensive reasoning and generation tasks, surpassing baseline approaches with state-of-the-art LLMs. For example, (i) on LogiQA benchmark using GPT-4 as backbone model, \tool achieves a new state-of-the Accuracy of 53.8% exceeding CoT by 18%, ToT by 11%, CR by 9% (ii) a variant of E2G with PaLM2 outperforms the variable-shot performance of Gemini Ultra by 0.9 F1 points, reaching an F1 score of 83.3 on a subset of DROP.

CHAMP: A Competition-level Dataset for Fine-Grained Analyses of LLMs' Mathematical Reasoning Capabilities

Recent large language models (LLMs) have shown indications of mathematical reasoning ability. However it has not been clear how they would fare on more challenging competition-level problems. And while self-generated verbalizations of intermediate reasoning steps (i.e., chain-of-thought prompting) have been shown to be helpful, whether LLMs can make use of helpful side information such as problem-specific hints has not been investigated before. In this paper, we propose a challenging benchmark dataset for enabling such analyses. The Concept and Hint-Annotated Math Problems (CHAMP) consists of high school math competition problems, annotated with concepts, or general math facts, and hints, or problem-specific tricks. These annotations allow us to explore the effects of additional information, such as relevant hints, misleading concepts, or related problems. This benchmark is difficult, with the best model only scoring 58.1% in standard settings. With concepts and hints, performance sometimes improves, indicating that some models can make use of such side information. We further annotate model-generated solutions for their correctness. Using this corpus, we find that models often arrive at the correct final answer through wrong reasoning steps. In addition, we test whether models are able to verify these solutions, and find that most models struggle. The dataset and code are available on the project website.

Evaluating and Improving Tool-Augmented Computation-Intensive Math Reasoning

Chain-of-thought prompting~(CoT) and tool augmentation have been validated in recent work as effective practices for improving large language models~(LLMs) to perform step-by-step reasoning on complex math-related tasks. However, most existing math reasoning datasets may be not able to fully evaluate and analyze the ability of LLMs in manipulating tools and performing reasoning, as they may only require very few invocations of tools or miss annotations for evaluating intermediate reasoning steps. To address the issue, we construct CARP, a new Chinese dataset consisting of 4,886 computation-intensive algebra problems with formulated annotations on intermediate steps. In CARP, we test four LLMs with CoT prompting, and find that they are all prone to make mistakes at the early steps of the solution, leading to wrong answers. Based on this finding, we propose a new approach that can deliberate the reasoning steps with tool interfaces, namely DELI. In DELI, we first initialize a step-by-step solution based on retrieved exemplars, then iterate two deliberation procedures that check and refine the intermediate steps of the generated solution, from the perspectives of tool manipulation and natural language reasoning, until obtaining converged solutions or reaching the maximum turn. Experimental results on CARP and six other datasets show that the proposed DELI mostly outperforms competitive baselines, and can further boost the performance of existing CoT methods. Our data and code are available in https://github.com/RUCAIBox/CARP.

Towards Large Reasoning Models: A Survey of Reinforced Reasoning with Large Language Models

Language has long been conceived as an essential tool for human reasoning. The breakthrough of Large Language Models (LLMs) has sparked significant research interest in leveraging these models to tackle complex reasoning tasks. Researchers have moved beyond simple autoregressive token generation by introducing the concept of "thought" -- a sequence of tokens representing intermediate steps in the reasoning process. This innovative paradigm enables LLMs' to mimic complex human reasoning processes, such as tree search and reflective thinking. Recently, an emerging trend of learning to reason has applied reinforcement learning (RL) to train LLMs to master reasoning processes. This approach enables the automatic generation of high-quality reasoning trajectories through trial-and-error search algorithms, significantly expanding LLMs' reasoning capacity by providing substantially more training data. Furthermore, recent studies demonstrate that encouraging LLMs to "think" with more tokens during test-time inference can further significantly boost reasoning accuracy. Therefore, the train-time and test-time scaling combined to show a new research frontier -- a path toward Large Reasoning Model. The introduction of OpenAI's o1 series marks a significant milestone in this research direction. In this survey, we present a comprehensive review of recent progress in LLM reasoning. We begin by introducing the foundational background of LLMs and then explore the key technical components driving the development of large reasoning models, with a focus on automated data construction, learning-to-reason techniques, and test-time scaling. We also analyze popular open-source projects at building large reasoning models, and conclude with open challenges and future research directions.

General Reasoning Requires Learning to Reason from the Get-go

Large Language Models (LLMs) have demonstrated impressive real-world utility, exemplifying artificial useful intelligence (AUI). However, their ability to reason adaptively and robustly -- the hallmarks of artificial general intelligence (AGI) -- remains fragile. While LLMs seemingly succeed in commonsense reasoning, programming, and mathematics, they struggle to generalize algorithmic understanding across novel contexts. Our experiments with algorithmic tasks in esoteric programming languages reveal that LLM's reasoning overfits to the training data and is limited in its transferability. We hypothesize that the core issue underlying such limited transferability is the coupling of reasoning and knowledge in LLMs. To transition from AUI to AGI, we propose disentangling knowledge and reasoning through three key directions: (1) pretaining to reason using RL from scratch as an alternative to the widely used next-token prediction pretraining, (2) using a curriculum of synthetic tasks to ease the learning of a reasoning prior for RL that can then be transferred to natural language tasks, and (3) learning more generalizable reasoning functions using a small context window to reduce exploiting spurious correlations between tokens. Such a reasoning system coupled with a trained retrieval system and a large external memory bank as a knowledge store can overcome several limitations of existing architectures at learning to reason in novel scenarios.

Train longer, generalize better: closing the generalization gap in large batch training of neural networks

Background: Deep learning models are typically trained using stochastic gradient descent or one of its variants. These methods update the weights using their gradient, estimated from a small fraction of the training data. It has been observed that when using large batch sizes there is a persistent degradation in generalization performance - known as the "generalization gap" phenomena. Identifying the origin of this gap and closing it had remained an open problem. Contributions: We examine the initial high learning rate training phase. We find that the weight distance from its initialization grows logarithmically with the number of weight updates. We therefore propose a "random walk on random landscape" statistical model which is known to exhibit similar "ultra-slow" diffusion behavior. Following this hypothesis we conducted experiments to show empirically that the "generalization gap" stems from the relatively small number of updates rather than the batch size, and can be completely eliminated by adapting the training regime used. We further investigate different techniques to train models in the large-batch regime and present a novel algorithm named "Ghost Batch Normalization" which enables significant decrease in the generalization gap without increasing the number of updates. To validate our findings we conduct several additional experiments on MNIST, CIFAR-10, CIFAR-100 and ImageNet. Finally, we reassess common practices and beliefs concerning training of deep models and suggest they may not be optimal to achieve good generalization.

Skills-in-Context Prompting: Unlocking Compositionality in Large Language Models

We consider the problem of eliciting compositional generalization capabilities in large language models (LLMs) with a novel type of prompting strategy. Compositional generalization empowers the LLMs to solve problems that are harder than the ones they have seen (i.e., easy-to-hard generalization), which is a critical reasoning capability of human-like intelligence. However, even the current state-of-the-art LLMs still struggle with this form of reasoning. To bridge this gap, we propose skills-in-context (SKiC) prompting, which instructs LLMs how to compose basic skills to resolve more complex problems. We find that it is crucial to demonstrate both the skills and the compositional examples within the same prompting context. With as few as two examplars, our SKiC prompting initiates strong synergies between skills and their composition capabilities. Notably, it empowers LLMs to solve unseen problems that require innovative skill compositions, achieving near-perfect generalization on a broad range of challenging compositionality tasks. Intriguingly, SKiC prompting unlocks the latent potential of LLMs, enabling them to leverage pre-existing internal skills acquired during earlier pre-training stages, even when these skills are not explicitly presented in the prompting context. This results in the capability of LLMs to solve unseen complex problems by activating and composing internal competencies. With such prominent features, SKiC prompting is able to achieve state-of-the-art performance on challenging mathematical reasoning benchmarks (e.g., MATH).

CondAmbigQA: A Benchmark and Dataset for Conditional Ambiguous Question Answering

Large language models (LLMs) are prone to hallucinations in question-answering (QA) tasks when faced with ambiguous questions. Users often assume that LLMs share their cognitive alignment, a mutual understanding of context, intent, and implicit details, leading them to omit critical information in the queries. However, LLMs generate responses based on assumptions that can misalign with user intent, which may be perceived as hallucinations if they misalign with the user's intent. Therefore, identifying those implicit assumptions is crucial to resolve ambiguities in QA. Prior work, such as AmbigQA, reduces ambiguity in queries via human-annotated clarifications, which is not feasible in real application. Meanwhile, ASQA compiles AmbigQA's short answers into long-form responses but inherits human biases and fails capture explicit logical distinctions that differentiates the answers. We introduce Conditional Ambiguous Question-Answering (CondAmbigQA), a benchmark with 200 ambiguous queries and condition-aware evaluation metrics. Our study pioneers the concept of ``conditions'' in ambiguous QA tasks, where conditions stand for contextual constraints or assumptions that resolve ambiguities. The retrieval-based annotation strategy uses retrieved Wikipedia fragments to identify possible interpretations for a given query as its conditions and annotate the answers through those conditions. Such a strategy minimizes human bias introduced by different knowledge levels among annotators. By fixing retrieval results, CondAmbigQA evaluates how RAG systems leverage conditions to resolve ambiguities. Experiments show that models considering conditions before answering improve performance by 20%, with an additional 5% gain when conditions are explicitly provided. These results underscore the value of conditional reasoning in QA, offering researchers tools to rigorously evaluate ambiguity resolution.

Efficient Tool Use with Chain-of-Abstraction Reasoning

To achieve faithful reasoning that aligns with human expectations, large language models (LLMs) need to ground their reasoning to real-world knowledge (e.g., web facts, math and physical rules). Tools help LLMs access this external knowledge, but there remains challenges for fine-tuning LLM agents (e.g., Toolformer) to invoke tools in multi-step reasoning problems, where inter-connected tool calls require holistic and efficient tool usage planning. In this work, we propose a new method for LLMs to better leverage tools in multi-step reasoning. Our method, Chain-of-Abstraction (CoA), trains LLMs to first decode reasoning chains with abstract placeholders, and then call domain tools to reify each reasoning chain by filling in specific knowledge. This planning with abstract chains enables LLMs to learn more general reasoning strategies, which are robust to shifts of domain knowledge (e.g., math results) relevant to different reasoning questions. It also allows LLMs to perform decoding and calling of external tools in parallel, which avoids the inference delay caused by waiting for tool responses. In mathematical reasoning and Wiki QA domains, we show that our method consistently outperforms previous chain-of-thought and tool-augmented baselines on both in-distribution and out-of-distribution test sets, with an average ~6% absolute QA accuracy improvement. LLM agents trained with our method also show more efficient tool use, with inference speed being on average ~1.4x faster than baseline tool-augmented LLMs.

Thought Propagation: An Analogical Approach to Complex Reasoning with Large Language Models

Large Language Models (LLMs) have achieved remarkable success in reasoning tasks with the development of prompting methods. However, existing prompting approaches cannot reuse insights of solving similar problems and suffer from accumulated errors in multi-step reasoning, since they prompt LLMs to reason from scratch. To address these issues, we propose \textit{Thought Propagation (TP)}, which explores the analogous problems and leverages their solutions to enhance the complex reasoning ability of LLMs. These analogous problems are related to the input one, with reusable solutions and problem-solving strategies. Thus, it is promising to propagate insights of solving previous analogous problems to inspire new problem-solving. To achieve this, TP first prompts LLMs to propose and solve a set of analogous problems that are related to the input one. Then, TP reuses the results of analogous problems to directly yield a new solution or derive a knowledge-intensive plan for execution to amend the initial solution obtained from scratch. TP is compatible with existing prompting approaches, allowing plug-and-play generalization and enhancement in a wide range of tasks without much labor in task-specific prompt engineering. Experiments across three challenging tasks demonstrate TP enjoys a substantial improvement over the baselines by an average of 12\% absolute increase in finding the optimal solutions in Shortest-path Reasoning, 13\% improvement of human preference in Creative Writing, and 15\% enhancement in the task completion rate of LLM-Agent Planning.

Reasoning Capacity in Multi-Agent Systems: Limitations, Challenges and Human-Centered Solutions

Remarkable performance of large language models (LLMs) in a variety of tasks brings forth many opportunities as well as challenges of utilizing them in production settings. Towards practical adoption of LLMs, multi-agent systems hold great promise to augment, integrate, and orchestrate LLMs in the larger context of enterprise platforms that use existing proprietary data and models to tackle complex real-world tasks. Despite the tremendous success of these systems, current approaches rely on narrow, single-focus objectives for optimization and evaluation, often overlooking potential constraints in real-world scenarios, including restricted budgets, resources and time. Furthermore, interpreting, analyzing, and debugging these systems requires different components to be evaluated in relation to one another. This demand is currently not feasible with existing methodologies. In this postion paper, we introduce the concept of reasoning capacity as a unifying criterion to enable integration of constraints during optimization and establish connections among different components within the system, which also enable a more holistic and comprehensive approach to evaluation. We present a formal definition of reasoning capacity and illustrate its utility in identifying limitations within each component of the system. We then argue how these limitations can be addressed with a self-reflective process wherein human-feedback is used to alleviate shortcomings in reasoning and enhance overall consistency of the system.