How can we use the novel capacities of large language models (LLMs) in empirical research? And how can we do so while accounting for their limitations, which are themselves only poorly understood?We develop an econometric framework to answer this question...

Protecting species’ habitats is the main policy tool employed across the globe to reduce biodiversity losses. These protections are hypothesized to conflict with private landowners’ interests. We study the economic consequences of the most extensive and controversial piece of such...

The prudent reforestation of tropical rainforests depends on alternative land uses, the dynamics of carbon accumulation of forest trees, and the implicit social cost of emissions. In this paper, we discuss and extend recent research by Assunção et al. (2023)...

The Becker Friedman Institute for Economics (BFI) serves as a hub for cutting-edge analysis and research across the entire University of Chicago economics community, uniting researchers from the Booth School of Business, the Kenneth C. Griffin Department of Economics, the...

Inspired by our namesakes, Nobel Laureates Gary Becker and Milton Friedman, who believed that economics research could help improve the world, BFI works with the Chicago Economics community to turn its evidence-based research into real-world impact.

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