Discussion paper
DP19479 Large Language Models in Economics
This chapter explores the transformative impact of large language models (LLMs) on text analysis in economics. We trace the evolution from traditional methods like bag-of-words to advanced models such as BERT and GPT, highlighting how these models address limitations in understanding context and allowing higher-order reasoning. Although LLMs are complex, costly, and lacking in transparency, they are powerful tools for research, such as measuring sentiment or predicting metadata associated with documents.
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