How ChatGPT Is Changing Work

Source:

University of Chicago
on
April 24, 2024
Curated on

September 5, 2024

Recent research from economists at the University of Chicago highlights the significant capabilities of the AI chatbot ChatGPT. The study demonstrates that ChatGPT has the potential to excel in complex investment tasks such as predicting corporate investment policies, processing intricate corporate disclosures, and identifying corporate risks. However, the implications of ChatGPT reach beyond the financial sector, as experts predict that the tool will have a transformative effect on high-skilled occupations like journalism, IT support, human resources, and marketing. The comprehensive study involved surveying 100,000 workers from 11 different occupations susceptible to ChatGPT's influence, conducted in collaboration with Statistics Denmark between November 2023 and January 2024. The research included an experimental component where some workers were informed about expert assessments of ChatGPT’s relevance to their job tasks to gauge if this information influenced their adoption of the tool. By linking survey responses with extensive administrative data on the participants' labor market histories, earnings, wealth, education, and demographics, the study provides in-depth insights into who is adopting ChatGPT and why. It aims to understand the anticipatory impact of AI on job markets and why some workers embrace this technology while others remain hesitant. The findings highlight the diverse and far-reaching implications of AI integration in the modern workforce.

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