Deep search agents answer difficult information-seeking questions by iteratively issuing search queries to gather supporting evidence, but it remains unclear whether and how greater search effort leads to better answers. We study these questions through a trajectory-level diagnosis of long-horizon search agents. Using human-annotated document-level relevance judgments, we evaluate the evidence retrieved at each search step and separate two stages of agent behavior: what evidence an agent retrieves and how effectively it uses that evidence. This distinction further allows us to decompose failures into retrieval gaps, where the necessary evidence is never found, and utilization gaps, where relevant evidence is retrieved but not used correctly. With the retrieval model and evaluation harness held fixed, we compare six agents on BrowseComp-Plus and further validate our findings on BrowseComp with an open-web search API. Across settings, we find that search effort and answer quality are only weakly aligned. Answer accuracy is better correlated with the quality of retrieved evidence, especially cumulative retrieval recall, than with the number of searches or the amount of context consumed. Useful evidence often appears early in the trajectory, yet agents tend to continue searching, producing a long tail of low-yield retrieval steps. At the query level, exploratory reformulations remain useful, but the best-performing agents issue far fewer redundant queries. Overall, by systematically characterizing the search behavior and failure modes of long-horizon search agents, this work points to practical directions for building better deep research systems, including stronger query formulation, more effective evidence selection and context management, and stopping criteria based on whether sufficient supporting evidence has been retrieved.
Qi Liu, Jiaxin Mao, Fengbin Zhu et al.· 0 citations
Retrieval-Augmented Generation (RAG) is widely regarded as a novel paradigm born from the limitations of large language models (LLMs)--a mechanism to ground their outputs in external knowledge. This view, however, is incomplete when considered within a broader historical context. In this paper, we argue that the core ideas underlying RAG are not new: foundational concepts such as integrating retrieval and language generation, knowledge augmentation, answer verification, and iterative query (or prompt) refinement had already been studied and instantiated in information retrieval (IR) and question answering (QA) research dating back to the early 2000s, well before the emergence of LLMs. We make this case by systematically tracing the intellectual lineage of modern RAG and Agentic RAG back to their classical IR and QA antecedents, and examining why this continuity has gone under-recognized -- a consequence of community fragmentation, shifting terminology, and the recency bias endemic to fast-moving fields. Rather than treating LLMs as the origin point of retrieval-augmented intelligence, we propose viewing them as a new interface layer atop a decades-old QA architecture. This reframing is not merely historical: by situating RAG within the longer trajectory of IR research, we surface underutilized prior work -- on user modeling, answer validation, and query refinement -- that can directly inform next-generation RAG design, reducing unintentional rediscovery and fostering genuine cross-community integration.
Xiaoyan Zhao, Yujie Cai, Yang Zhang et al.· 0 citations
Financial indicators are essential tools for transforming raw financial data into interpretable measures for various downstream tasks, such as valuation, risk assessment, and economic analysis. However, existing financial benchmarks largely focus on answer-level accuracy and often assume that relevant data are already provided, leaving the assessment of the intermediate process of indicator construction underexplored. In this work, we propose FinDeepIndicator, the first benchmark dedicated to evaluating Deep Research (DR) agents in end-to-end financial indicator construction. Specifically, FinDeepIndicator evaluates DR agents across four stages in indicator construction: formula specification, data collection, indicator calculation, and answer generation, and covers fundamental, technical, and macroeconomic indicators organized into 21 fine-grained sub-categories. It contains 3,350 curated question-answer (QA) pairs derived from both U.S. and Chinese markets, 10 years of historical financial data, and 800 listed companies. Extensive experiments on search-equipped Large Language Models (LLMs) and DR agents show that, while LLMs generally perform well in formula specification, their accuracy drops substantially during data retrieval and numerical execution. DR agents consistently outperform search-equipped LLMs, yet remain unreliable in realistic financial analysis settings. These findings provide insights for developing more capable and trustworthy DR agents in finance.
Chaoqun Yang, Fengbin Zhu, Xinyu Lin et al.· 0 citations
GenRubric is introduced, a self-evolving framework that improves rubric generation from unlabeled queries without requiring additional human annotations during self-evolution, and experiments show that self-evolution improves the agreement between evaluations induced by generated rubrics and those induced by expert-written rubrics.
Yifan Chen, Haitao Li, Qingyao Ai et al.· 0 citations
DASH is a decision-aware user simulator that jointly generates thinking traces and predicts behavioral actions from heterogeneous cross-domain histories and tailors a rubric-based reward model that evaluates thinking traces along form, content, and logic for RL training.
