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...

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...

Macro-task crowdsourcing presents a promising approach to address wicked problems like climate change by leveraging the collective efforts of a diverse crowd. Such macro-task crowdsourcing requires facilitation. However, in the facilitation process, traditionally aggregating and synthesizing...

ChatGPT frequently appears in the media, with many predicting significant disruptions, especially in the fields of accounting and auditing. Yet research has demonstrated relatively poor performance of ChatGPT on student assessment questions. We extend this research to examine whether more recent...

Seit seiner Veröffentlichung gewinnt das Large Language Model (Großes Sprachmodell) ChatGPT zunehmend an Bedeutung in der deutschen Bildungslandschaft. Während Schülerinnen und Schüler dieses Large Language Model bereits aktiv nutzen, herrscht unter Lehrkräften noch Uneinigkeit darüber,...

In an experiment on the large language model GPT-4o, a supplier always makes a higher profit if it replaces uniform contract terms with a set of terms between which the customer may choose. The extra profit results from price discrimination. There is a first order and a second order effect. 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...

In an experiment on the large language model GPT-4o, a supplier always makes a higher profit if it replaces uniform contract terms with a set of terms between which the customer may choose. The extra profit results from price discrimination. There is a first order and a second order effect. The...

Zusammenfassung Diversity-Programme verfolgen nicht nur das Ziel, wirtschaftliche Potenziale zu erschließen, sondern auch, die Entwicklung von Unternehmen hin zu einer zeitgemäßen und ethisch vertretbaren Unternehmenskultur zu fördern. Trotz der positiven Absichten der Unternehmen,...

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...

This paper examines the evolving structure and competition dynamics of the rapidly growing market for foundation models, with a focus on large language models (LLMs). We describe the technological characteristics that shape the AI industry and have given rise to fierce competition among the...

Large Language Models (LLMs) are proving to be a powerful toolkit for management and organizational research. While early work has largely focused on the value of these tools for data processing and replicating survey-based research, the potential of LLMs for theory building is yet to be...

Large language models (LLMs) have seen remarkable progress in speed, cost efficiency, accuracy, and the capacity to process larger amounts of text over the past year. This article is a practical guide to update economists on how to use these advancements in their research. The main innovations...

Central bank communications are an important tool for guiding the economy and fulfilling monetary policy goals. Natural language processing (NLP) algorithms have been used to analyze central bank communications. These outdated bag-of-words methods often ignore context and cannot distinguish who...

Einleitung -- KI Anwendungsfelder im Service -- KI Customer Journey -- KI Readiness -- KI und Wissensmanagement -- Implementierung von KI im Servicemanagement/Unternehmen -- KI Herausforderungen -- Nachwort.

Purpose This study aims to examine the impact of manager sentiment on the firm performance (FP) of Indian-listed nonfinancial firms. Further, it endeavors to investigate the moderating role of economic policy uncertainty (EPU) and environment, social and governance (ESG) transparency in this...