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

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  • Anton Korinek

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.

Suggested Citation

  • Anton Korinek, 2023. "Generative AI for Economic Research: Use Cases and Implications for Economists," Journal of Economic Literature, American Economic Association, vol. 61(4), pages 1281-1317, December.
    • Handle: RePEc:aea:jeclit:v:61:y:2023:i:4:p:1281-1317
    DOI: 10.1257/jel.20231736
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    Cited by:

    1. Mourelatos, Evangelos & Zervas, Panagiotis & Lagios, Dimitris & Tzimas, Giannis, 2024. "Can AI Bridge the Gender Gap in Competitiveness?," GLO Discussion Paper Series 1404, Global Labor Organization (GLO).

    More about this item

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • C45 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Neural Networks and Related Topics
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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