IDEAS home Printed from https://ideas.repec.org/a/eee/teinso/v76y2024ics0160791x23002312.html

The advantages and limitations of using ChatGPT to enhance technological research

Author

Listed:
  • Rice, Stephen
  • Crouse, Sean R.
  • Winter, Scott R.
  • Rice, Connor

Abstract

In 2022, OpenAI made a groundbreaking entrance with the release of ChatGPT, a new online chatbot that allows users to interact with the GPT-3.5 language model. Users can ask questions and converse with ChatGPT by typing into a text field similar to direct messaging software. Then, ChatGPT will generate a response. Users can then either respond to ChatGPT, regenerate the previous response, or “like” the response and give feedback. OpenAI improved the program on March 14th, 2023, with the release of GPT 4, which promised better reasoning ability. Both these iterations of ChatGPT have attracted significant attention from researchers due to the software's remarkably enhanced capabilities compared to earlier versions. Due to its inherent value as a research tool, ChatGPT will likely become a permanent fixture, so a thorough evaluation of ethical and professional boundaries is crucial. In this opinion paper, we explore ChatGPT 4.0 by addressing: a) its capabilities, b) its limitations and weaknesses, and c) strategies for fact-checking its output to ensure high-quality responses. Subsequently, the authors delve into the diverse implications of this software and discuss how it can be optimally employed to advance research in technology and various other domains.

Suggested Citation

  • Rice, Stephen & Crouse, Sean R. & Winter, Scott R. & Rice, Connor, 2024. "The advantages and limitations of using ChatGPT to enhance technological research," Technology in Society, Elsevier, vol. 76(C).
    • Handle: RePEc:eee:teinso:v:76:y:2024:i:c:s0160791x23002312
    DOI: 10.1016/j.techsoc.2023.102426
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0160791X23002312
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.techsoc.2023.102426?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Khogali, Hisham O. & Mekid, Samir, 2023. "The blended future of automation and AI: Examining some long-term societal and ethical impact features," Technology in Society, Elsevier, vol. 73(C).
    2. Dowling, Michael & Lucey, Brian, 2023. "ChatGPT for (Finance) research: The Bananarama Conjecture," Finance Research Letters, Elsevier, vol. 53(C).
    3. Bin-Nashwan, Saeed Awadh & Sadallah, Mouad & Bouteraa, Mohamed, 2023. "Use of ChatGPT in academia: Academic integrity hangs in the balance," Technology in Society, Elsevier, vol. 75(C).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ressel, Juliane & Völler, Michaele & Murphy, Finbarr & Mullins, Martin, 2024. "Addressing the notion of trust around ChatGPT in the high-stakes use case of insurance," Technology in Society, Elsevier, vol. 78(C).
    2. Ivanov, Stanislav & Soliman, Mohammad & Tuomi, Aarni & Alkathiri, Nasser Alhamar & Al-Alawi, Alamir N., 2024. "Drivers of generative AI adoption in higher education through the lens of the Theory of Planned Behaviour," Technology in Society, Elsevier, vol. 77(C).
    3. Zhao, Xuefeng & Wu, Weiwei & Wu, Delin, 2024. "How does AI perform in industry chain? A patent claims analysis approach," Technology in Society, Elsevier, vol. 79(C).
    4. Khizar, Hafiz Muhammad Usman & Ashraf, Aqsa & Yuan, Jingbo & Al-Waqfi, Mohammed, 2025. "Insights into ChatGPT adoption (or resistance) in research practices: The behavioral reasoning perspective," Technological Forecasting and Social Change, Elsevier, vol. 215(C).
    5. Gómez Gandía, José Andrés & Gavrila Gavrila, Sorin & de Lucas Ancillo, Antonio & del Val Núñez, María Teresa, 2025. "Towards sustainable business in the automation era: Exploring its transformative impact from top management and employee perspective," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    6. Rehman, Anis ur & Behera, Rajat Kumar & Islam, Md. Saiful & Abbasi, Faraz Ahmad & Imtiaz, Asma, 2024. "Assessing the usage of ChatGPT on life satisfaction among higher education students: The moderating role of subjective health," Technology in Society, Elsevier, vol. 78(C).
    7. Frank, Darius-Aurel & Chrysochou, Polymeros & Mitkidis, Panagiotis & Otterbring, Tobias & Ariely, Dan, 2024. "Navigating uncertainty: Exploring consumer acceptance of artificial intelligence under self-threats and high-stakes decisions," Technology in Society, Elsevier, vol. 79(C).
    8. Giordano, Vito & Spada, Irene & Chiarello, Filippo & Fantoni, Gualtiero, 2024. "The impact of ChatGPT on human skills: A quantitative study on twitter data," Technological Forecasting and Social Change, Elsevier, vol. 203(C).
    9. Reyes Calderon & Francisco Herrera, 2025. "And Plato met ChatGPT: an ethical reflection on the use of chatbots in scientific research writing, with a particular focus on the social sciences," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-13, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Khizar, Hafiz Muhammad Usman & Ashraf, Aqsa & Yuan, Jingbo & Al-Waqfi, Mohammed, 2025. "Insights into ChatGPT adoption (or resistance) in research practices: The behavioral reasoning perspective," Technological Forecasting and Social Change, Elsevier, vol. 215(C).
    2. Wu, Qinqin & Zhuang, Qinqin & Liu, Yitong & Han, Longyan, 2024. "Technology shock of ChatGPT, social attention and firm value: Evidence from China," Technology in Society, Elsevier, vol. 79(C).
    3. Hao, Xinyue & Demir, Emrah & Eyers, Daniel, 2024. "Exploring collaborative decision-making: A quasi-experimental study of human and Generative AI interaction," Technology in Society, Elsevier, vol. 78(C).
    4. Hengzhi Hu & Qing Zhou & Harwati Hashim, 2025. "Negotiating identity in the age of ChatGPT: non-native English researchers’ experiences with AI-assisted academic writing," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-11, December.
    5. Sun, Qing & Song, Lina & Wu, Juan, 2025. "The impact of start-up's market orientation and dynamic capabilities on their performance," Finance Research Letters, Elsevier, vol. 76(C).
    6. Fu, Chao & Luo, Dianying & Zhang, Jiaoshu & Li, Wenxia, 2025. "Tax incentives, marketization level, and corporate digital transformation," International Review of Economics & Finance, Elsevier, vol. 97(C).
    7. Włoch, Renata & Śledziewska, Katarzyna & Rożynek, Satia, 2025. "Who's afraid of automation? Examining determinants of fear of automation in six European countries," Technology in Society, Elsevier, vol. 81(C).
    8. Rehman, Anis ur & Behera, Rajat Kumar & Islam, Md. Saiful & Abbasi, Faraz Ahmad & Imtiaz, Asma, 2024. "Assessing the usage of ChatGPT on life satisfaction among higher education students: The moderating role of subjective health," Technology in Society, Elsevier, vol. 78(C).
    9. Yao, Xintong & Xi, Yipeng, 2024. "Pathways linking expectations for AI chatbots to loyalty: A moderated mediation analysis," Technology in Society, Elsevier, vol. 78(C).
    10. Liyuan Chen & Shuoling Liu & Jiangpeng Yan & Xiaoyu Wang & Henglin Liu & Chuang Li & Kecheng Jiao & Jixuan Ying & Yang Veronica Liu & Qiang Yang & Xiu Li, 2025. "Advancing Financial Engineering with Foundation Models: Progress, Applications, and Challenges," Papers 2507.18577, arXiv.org, revised Dec 2025.
    11. Smales, Lee A., 2023. "Classification of RBA monetary policy announcements using ChatGPT," Finance Research Letters, Elsevier, vol. 58(PC).
    12. Ali Trabelsi Karoui & Sonia Sayari & Wael Dammak & Ahmed Jeribi, 2024. "Unveiling Outperformance: A Portfolio Analysis of Top AI-Related Stocks against IT Indices and Robotics ETFs," Risks, MDPI, vol. 12(3), pages 1-21, March.
    13. Song Tong & Kai Mao & Zhen Huang & Yukun Zhao & Kaiping Peng, 2024. "Automating psychological hypothesis generation with AI: when large language models meet causal graph," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-14, December.
    14. Hoffmann, Stefan & Lasarov, Wassili & Dwivedi, Yogesh K., 2024. "AI-empowered scale development: Testing the potential of ChatGPT," Technological Forecasting and Social Change, Elsevier, vol. 205(C).
    15. Muhammad Tahir & Sufyan Ali & Ayesha Sohail & Ying Zhang & Xiaohua Jin, 2024. "Unlocking Online Insights: LSTM Exploration and Transfer Learning Prospects," Annals of Data Science, Springer, vol. 11(4), pages 1421-1434, August.
    16. Cheng, Xuemei & Zheng, Yinglong & Tu, Yongqian, 2025. "Research on the dynamic interaction effects of litigation events, financing constraints, and the risk of corporate stock price crashes," International Review of Economics & Finance, Elsevier, vol. 99(C).
    17. Wei, Tian & Wu, Han & Chu, Gang, 2023. "Is ChatGPT competent? Heterogeneity in the cognitive schemas of financial auditors and robots," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 1389-1396.
    18. Hassnian Ali & Ahmet Faruk Aysan, 2023. "What will ChatGPT revolutionize in the financial industry?," Modern Finance, Modern Finance Institute, vol. 1(1), pages 116-129.
    19. Koc, Erdogan & Hatipoglu, Sercan & Kivrak, Oguzhan & Celik, Cemal & Koc, Kaan, 2023. "Houston, we have a problem!: The use of ChatGPT in responding to customer complaints," Technology in Society, Elsevier, vol. 74(C).
    20. Darko B. Vuković & Senanu Dekpo-Adza & Stefana Matović, 2025. "AI integration in financial services: a systematic review of trends and regulatory challenges," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-29, December.

    More about this item

    Keywords

    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:teinso:v:76:y:2024:i:c:s0160791x23002312. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: https://www.journals.elsevier.com/technology-in-society .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.