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The Advancement оf Modern Chatbots аnd Their Applications

Author

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  • Luben Boyanov

    (University of National and World Economy, Sofia, Bulgaria)

Abstract

Challenges in developing Large language models (LLMs) are discussed, which include difficulties such as language ambiguity, common sense, and understanding complex language constructs and queries. The key innovations that led to the development of LLMs are described, namely the creation of transformers, self-supervised learning and large datasets. Next, the most popular applications of LLM today, chatbots, are discussed. The capabilities, advantages, and disadvantages of some of the most popular chatbots, such as ChatGPT, Copilot, Bard, YouChat, HuggingChat, and Jasper, are shown, and an example of wrong answers from them is given. The advantages of chatbots – answering questions asked in natural language, generating creative content, solving problems – are summarized, and a number of their applications in business and economic fields are shown. Disadvantages are pointed out, including the provision of sometimes inaccurate or misleading information. Finally, expectations for the future development of LLMs and chatbots and the dangers they may bring to people are presented.

Suggested Citation

  • Luben Boyanov, 2024. "The Advancement оf Modern Chatbots аnd Their Applications," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 80-93, March.
    • Handle: RePEc:nwe:iisabg:y:2024:i:1:p:80-93
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    More about this item

    Keywords

    large language models; chatbots; applications of chatbots; ChatGPT;
    All these keywords.

    JEL classification:

    • C88 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Other Computer Software
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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