The Advancement of Modern Chatbots and Their Applications

Luben Boyanov
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Luben Boyanov: University of National and World Economy, Sofia, Bulgaria

Ikonomiceski i Sotsialni Alternativi, 2024, issue 1, 80-93

Abstract: Challenges in developing Large language models (LLMs) are discussed, which include difficulties such as language ambiguity, common sense, and understanding complex language constructs and queries. The key innovations that led to the development of LLMs are described, namely the creation of transformers, self-supervised learning and large datasets. Next, the most popular applications of LLM today, chatbots, are discussed. The capabilities, advantages, and disadvantages of some of the most popular chatbots, such as ChatGPT, Copilot, Bard, YouChat, HuggingChat, and Jasper, are shown, and an example of wrong answers from them is given. The advantages of chatbots – answering questions asked in natural language, generating creative content, solving problems – are summarized, and a number of their applications in business and economic fields are shown. Disadvantages are pointed out, including the provision of sometimes inaccurate or misleading information. Finally, expectations for the future development of LLMs and chatbots and the dangers they may bring to people are presented.

Keywords: large language models; chatbots; applications of chatbots; ChatGPT (search for similar items in EconPapers)
JEL-codes: C88 L86 O30 O31 (search for similar items in EconPapers)
Date: 2024
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