TY - M-10104
AU - hemnani, Sarita
AU - Bhatt, Tanvi
TI - Harnessing Generative AI to Transform Economic Research: Insights and Practical Applications
T2 - Scientific Research Journal of Business, Management and Accounting

PY - 2024
VL - 2
IS - 1
SN - 2584-0592

AB - Generative artificial intelligence (AI), especially large language models (LLMs) like ChatGPT, offers tremendous promise for economic analysis. In this paper, we look at six main areas where LLMs might be helpful to economists: brainstorming and suggestions, writing, studies and background, data analysis, coding, and algebraic derivations. The study proposes that economists may significantly increase their efficiency by scripting micro-tasks using generative AI and provides concrete implementation instances by classifying LLM capabilities from experimental to very helpful. Cognitive automation driven by AI will have far-reaching consequences for economics in the future since productivity increases are directly proportional to the rate of AI system performance improvement. Access the most recent instructions and updates on the most cutting-edge creative AI features in economics with the associated online tools.

KW - Productivity Gains
KW -  Writing Assistance
KW -  Mathematical Derivations
KW -  Data Analysis
KW -  Economic Research
KW -  Background Research
KW -  ChatGPT
KW -  Cognitive Automation
KW -  Coding
DO -