Despite its immense potential, text analysis at scale presents significant challenges. This column benchmarks several state-of-the-art large language models against incentivised human coders in performing complex text analysis tasks. The results indicate that large language models consistently outperform outsourced human coders across a broad range of tasks, and thus provide economists with a cost-effective and accessible solution for advanced text analysis.
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Generative AI as a replacement for human coders in large-scale complex text analysis