How can we use the novel capacities of large language models (LLMs) in empirical research? And how can we do so while accounting for their limitations, which are themselves only poorly understood? We develop an econometric framework to answer this question that distinguishes between two types of...

"Book Summary: This book is tailored for students, traders, and quants in finance who want to understand modern trading strategies and enhance them with artificial intelligence. It assumes basic knowledge of Python 3.x and familiarity with finance and trading concepts. Goals: AI Overview:...

We study the evolution of patenting in China from 1985-2019. We use a Large Language Model to measure patent importance based on patent abstracts and classify patent ownership using a comprehensive business registry. We highlight four insights. First, average patent importance declined from...

We study the evolution of patenting in China from 1985-2019. We use a Large Language Model to measure patent importance based on patent abstracts and classify patent ownership using a comprehensive business registry. We highlight four insights. First, average patent importance declined from...

Independent and high-quality evaluations of government policies are an important input for designing evidence-based policy. Lack of incentives and institutions to write such evaluations, on the other hand, carry the risk of turning the system into a costly beauty contest. We study one of the...

Die Anamneseerhebung ist eine wesentliche Fertigkeit in allen Gesundheitsberufen. Die Ausbildung in dieser Fähigkeit im Rahmen eines Studiums ist jedoch mit zahlreichen Hürden verbunden. Virtuelle Patient:innen, mit denen Gespräche auf der Grundlage von "Large Language Models" (LLM) geführt...