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language-models  on July 26, 2023


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Large language models for economic research: Four key questions - CEPR

Large language models have recently greatly expanded the set of language-based tasks that machine-learning algorithms can perform and promise to open new research frontiers for economists. This column summarises the elements of such models and then poses four key questions that are central to assessing their value for economic research. The questions relate to (1) replicability of results, (2) adapting models to economic-specific domains, (3) the trade-off between transparency and predictive success, and (4) performance evaluation.

cepr.org     Jul 26, 2023