Maria Del Rio-Chanona
London E1W 1YW, UK
Portland, ME 04101
2nd floor
11th floor
Boston, MA 02115
2nd floor
London E1W 1LP, UK
Talk recording
This talk explores the impact of Large Language Models (LLMs) on online labor markets and their potential for modeling economic behavior. The first study examines how ChatGPT has influenced demand for freelancers, showing that while demand for substitutable skills declined by 20–50%, complementary skills saw mixed effects, with specialized expertise gaining prominence. The second study investigates whether LLMs can replicate human behavior in economic market experiments. While LLMs can mimic broad market trends with minimal memory and high variability, they exhibit less behavioral diversity than human participants. These findings provide insights into both the economic disruptions and modeling opportunities presented by LLMs.