GPT has become financially literate: Insights from financial literacy tests of GPT and a preliminary test of how people use it as a source of advice
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arXiv
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| Natura: | Preprint |
| Pubblicazione: |
2023
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| _version_ | 1866910587632484352 |
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| author | Niszczota, Paweł Abbas, Sami |
| author_facet | Niszczota, Paweł Abbas, Sami |
| contents | We assess the ability of GPT -- a large language model -- to serve as a financial robo-advisor for the masses, by using a financial literacy test. Davinci and ChatGPT based on GPT-3.5 score 66% and 65% on the financial literacy test, respectively, compared to a baseline of 33%. However, ChatGPT based on GPT-4 achieves a near-perfect 99% score, pointing to financial literacy becoming an emergent ability of state-of-the-art models. We use the Judge-Advisor System and a savings dilemma to illustrate how researchers might assess advice-utilization from large language models. We also present a number of directions for future research. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2309_00649 |
| institution | arXiv |
| publishDate | 2023 |
| record_format | arxiv |
| spellingShingle | GPT has become financially literate: Insights from financial literacy tests of GPT and a preliminary test of how people use it as a source of advice Niszczota, Paweł Abbas, Sami Computation and Language Artificial Intelligence Computers and Society General Economics Economics I.2.7; J.4; H.3.3 We assess the ability of GPT -- a large language model -- to serve as a financial robo-advisor for the masses, by using a financial literacy test. Davinci and ChatGPT based on GPT-3.5 score 66% and 65% on the financial literacy test, respectively, compared to a baseline of 33%. However, ChatGPT based on GPT-4 achieves a near-perfect 99% score, pointing to financial literacy becoming an emergent ability of state-of-the-art models. We use the Judge-Advisor System and a savings dilemma to illustrate how researchers might assess advice-utilization from large language models. We also present a number of directions for future research. |
| title | GPT has become financially literate: Insights from financial literacy tests of GPT and a preliminary test of how people use it as a source of advice |
| topic | Computation and Language Artificial Intelligence Computers and Society General Economics Economics I.2.7; J.4; H.3.3 |
| url | https://arxiv.org/abs/2309.00649 |