GPT has become financially literate: Insights from financial literacy tests of GPT and a preliminary test of how people use it as a source of advice

We assess the ability of GPT -- a large language model -- to serve as a financial robo-advisor for the masses, by using a financial literacy test. Davinci and ChatGPT based on GPT-3.5 score 66% and 65% on the financial literacy test, respectively, compared to a baseline of 33%. However, ChatGPT based on GPT-4 achieves a near-perfect 99% score, pointing to financial literacy becoming an emergent ability of state-of-the-art models. We use the Judge-Advisor System and a savings dilemma to illustrate how researchers might assess advice-utilization from large language models. We also present a number of directions for future research.Comment: 43 pages, 2 figures and 2 tables in main tex

OCIS Public Goods Tool Development

There has recently been an increase in interest amongst policy-makers in the question of whether farming provides a “public good” beyond the simple production of food, which justifies support from, for instance, EU agricultural policy. Benefits such as an improved environment or better water quality can be perceived to be public goods. It is the provision of these sorts of benefits which may be used in the future to justify continued support of the agricultural sector through subsidies. Given the current level of interest in this topic Natural England, with the approval of Defra, through OCIS (Organic Conversion Information Service), wished to create a tool which could be used by an advisor or an informed land owner to assess the public good provided by a/their farm. Thus, the OCIS Public Good Tool was developed