LR-Robot: An Human-in-the-Loop LLM Framework for Systematic Literature Reviews with Applications in Financial Research

TL;DR

LR-Robot is a human-in-the-loop LLM framework that automates and enhances systematic literature reviews in financial research, improving scalability, reliability, and interpretability.

Contribution

It introduces a customizable framework combining LLMs, expert-defined taxonomies, and human oversight for efficient, accurate literature review automation.

Findings

Evaluated 11 LLMs on 12,666 articles for classification accuracy.

Uncovered emerging trends and structural patterns in financial literature.

Demonstrated scalable, reliable review process with interpretive insights.

Abstract

The exponential growth of financial research has rendered traditional systematic literature reviews (SLRs) increasingly impractical, as manual screening and narrative synthesis struggle to keep pace with the scale and complexity of modern scholarship. While the existing artificial intelligence (AI) and natural language processing (NLP) approaches often often produce outputs that are efficient but contextually limited, still requiring substantial expert oversight. To address these challenges, we propose LR-Robot, a novel framework in which domain experts define multidimensional classification taxonomies and prompt constraints that encode conceptual boundaries, large language models (LLMs) execute scalable classification across large corpora, and systematic human-in-the-loop evaluation ensures reliability before full-dataset deployment.The framework further leverages retrieval-augmented generation (RAG) to support downstream analyses including temporal evolution tracking and label-enhanced citation networks. We demonstrate the framework on a corpus of 12,666 option pricing articles spanning 50 years, designing a four-dimensional taxonomy and systematically evaluating up to eleven mainstream LLMs across classification tasks of varying complexity. The results reveal the current capabilities of AI in understanding and synthesizing literature, uncover emerging trends, reveal structural research patterns, and highlight core research directions. By accelerating labor-intensive review stages while preserving interpretive accuracy, LR-Robot provides a practical, customizable, and high-quality approach for AI-assisted SLRs.