Executives using ChatGPT made worse predictions due to overconfidence and bias.
Harvard conducted an experiment with nearly 300 executives and found that those who relied on ChatGPT for stock price forecasts grew more optimistic and overconfident, and ultimately made worse predictions than peers who worked with other humans to discuss the logic. The study shows how AI can amplify cognitive biases and distort judgment in high-stakes decisions. This demonstrates how easily the past can be a wrong predictor for current times, and why putting faith in AI without human judgment can lead to poor outcomes.
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