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  4. December 2023
  5. Generative AI for Economic Research: Use Cases and Implications for Economists

Journal of Economic Literature

ISSN 0022-0515 (Print) | ISSN 2328-8175 (Online)

Generative AI for Economic Research: Use Cases and Implications for Economists

  • Anton Korinek
Journal of Economic Literature
vol. 61, no. 4, December 2023
(pp. 1281–1317)
See supplemental update: LLMs Level Up—Better, Faster, Cheaper: June 2024 Update to Section 3 of "Generative AI for Economic Research: Use Cases and Implications for Economists," Published in the Journal of Economic Literature 61(4)

 

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Abstract

Generative artificial intelligence (AI) has the potential to revolutionize research. I analyze how large language models (LLMs) such as ChatGPT can assist economists by describing dozens of use cases in six areas: ideation and feedback, writing, background research, data analysis, coding, and mathematical derivations. I provide general instructions and demonstrate specific examples of how to take advantage of each of these, classifying the LLM capabilities from experimental to highly useful. I argue that economists can reap significant productivity gains by taking advantage of generative AI to automate micro-tasks. Moreover, these gains will grow as the performance of AI systems continues to improve. I also speculate on the longer-term implications of AI-powered cognitive automation for economic research. The online resources associated with this paper explain how to get started and will provide regular updates on the latest capabilities of generative AI in economics.

Citation

Korinek, Anton. 2023. "Generative AI for Economic Research: Use Cases and Implications for Economists." Journal of Economic Literature, 61 (4): 1281–1317. DOI: 10.1257/jel.20231736

Additional Materials

JEL Classification

  • A11 Role of Economics; Role of Economists; Market for Economists
  • C45 Neural Networks and Related Topics
  • D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
  • I23 Higher Education; Research Institutions
  • O33 Technological Change: Choices and Consequences; Diffusion Processes