Exploring the Potential of ChatGPT in Financial Decision Making

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Author(s): Reza Gharoie Ahangar (Lewis University, USA)and Agata Fietko (Lewis University, USA)
Copyright: 2023
Pages: 18
Source title: Advancement in Business Analytics Tools for Higher Financial Performance
Source Author(s)/Editor(s): Reza Gharoie Ahangar (Lewis University, USA)and Mark Napier (Lewis University, USA)
DOI: 10.4018/978-1-6684-8386-2.ch005

Keywords: Accounting and Finance / Business Science Reference / Data Analysis & Statistics / Library & Information Science

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Abstract

This chapter investigates the potential role of OpenAI's ChatGPT in investments to assess its proposed solutions' accuracy, potential benefits and drawbacks, and implications for financial decisions. The study utilizes empirical examples to evaluate ChatGPT's performance in providing financial advice. The results indicate that while ChatGPT can define financial terms and explain them in detail, it cannot provide investment suggestions. Moreover, the analysis suggests that the ChatGPT can provide more accurate information when users break down their questions into more specific topics. The study also highlights the need for more comprehensive training data to allow ChatGPT to provide more accurate advice. In addition, the research advises investors to be aware of ChatGPT's limitations and recommends breaking down financial questions into more specific topics to maximize the benefits of this technology. It is concluded that ChatGPT can be a helpful resource for financial experts but not for those with limited financial expertise and knowledge.

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Exploring the Potential of ChatGPT in Financial Decision Making

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