ChatGPT enhances productivity by 40% for writing tasks ChatGPT has reduced inequality between higher-skilled and lower-skilled employees The forecast of chatGPT for economic development is still unpredictable The emergence of chatGPT has taken the world to the next level. It has enhanced the productivity of employees, students, and almost everyone who uses it. According to the current research,chatGPT in reses productivity up to 40% for professionals working on writing tasks, but broader economic impacts remain unpredictable. A new study by Harvard and Stanford economists reveals that chatGPT can substantially boost productivity for professionals working on writing tasks daily. Participants were randomly assigned different work simulations with or without chatGPT to get the results. The ones the accessed the AI tool chatGPT completed their tasks 40% faster, producing 18% higher quality assignments; the team of experts evaluated the results. The study shows how AI will impact jobs, finding chatGPT more likely to involve in daily tasks instead of replacing them with human professionals. ChatGPT Productivity Study Shoji Noy, an economist from Harvard University, and Zixuan Zhang from Stanford University were given over 450 college-educated professionals realistic writing assignments resembling their actual work. Marketers, data analysts, consultants, and other professionals were the participants. The study reveals: "Workers exposed to ChatGPT during the experiment were twice as likely to report using it in their real job two weeks after the experiment and 1.6 times as likely two months after." ChatGPT Eliminates Skills Gap The study reveals that chatGPT eliminates the difference between higher am slower-skilled people. Participants who did not achieve the desired results in their first writing assignment improved more when there were given access to chatGPT in their second writing task. The study shows: "In the treatment group, initial inequalities were more than half-erased by the treatment. This reduction in inequality was driven by the fact that participants who scored lower on the first task benefited more from ChatGPT access." ChatGPT Is To Help Humans Rather Than Replacing Them According to the authors, results reveal that AI tools like chatGPT are more likely to help humans to boost their productivity instead of replacing them. However, there are certain risks associated with using chatGPT: they entertain a limited range of occupations and incentive structures. "Relative to our experimental findings, the direct productivity effects of ChatGPT in the real economy will be somewhat lower, and the technology will be more strongly complementary to human workers." Researchers were further asked for more studies on how productivity gains from AI translate into wages, demand changes, and employment across the broader economy. Their result indicates that AI tools are helpful in almost every field and will impact business professionals and labor markets that are challenging to predict Details On The Study Methodology The study was a random attempt to determine the efficiency of chatGPT, considered the gold standard for evaluating interventions. Participants were randomly assigned whether to choose chatGPT or not. The writing tasks were designed based on daily activities individuals perform—tasks assigned to candidates involved press releases, writing reports, emails, etc. Participants declared the tasks as realistic. Experienced professionals were hired to evaluate the results blind to the experimental condition. Participants were incentivized to do high-quality, improved work. However, bonuses and incentives were also given to individuals based on their writing quality. On average, participants earned $17 per hour. In conclusion, the randomized trials reveal that chatGPT is a beautiful creation of OpenAI and can be utilized productively. It helps to boost the productivity of individuals if appropriately used. Many companies and individuals are trying to incorporate chatGPT in their daily tasks. Alas, the study examined a minimal scope of incentives and occupations. Read more: Elon Musk Announces His New Company ‘xAI’: To Build ChatGPT Alternative Threads Surpasses 100 Million Users Within Five Days Faster Than ChatGPT