Comparing and assessing four AI chatbots’ competence in economics

Artificial Intelligence (AI) chatbots have emerged as powerful tools in modern academic endeavors, presenting both opportunities and challenges in the learning landscape. They can provide content information and analysis across most academic disciplines, but significant differences exist in terms of response accuracy for conclusions and explanations, as well as word counts. This study explores four distinct AI chatbots, GPT-3.5, GPT-4, Bard, and LLaMA 2, for accuracy of conclusions and quality of explanations in the context of university-level economics. Leveraging Bloom’s taxonomy of cognitive learning complexity as a guiding framework, the study confronts the four AI chatbots with a standard test for university-level understanding of economics, as well as more advanced economics problems. The null hypothesis that all AI chatbots perform equally well on prompts that explore understanding of economics is rejected. The results are that significant differences are observed across the four AI chatbots, and these differences are exacerbated as the complexity of the economics-related prompts increased. These findings are relevant to both students and educators; students can choose the most appropriate chatbots to better understand economics concepts and thought processes, while educators can design their instruction and assessment while recognizing the support and resources students have access to through AI chatbot platforms.