When given a hypothetical survey about purchasing toothpaste, the relatively primitive GPT-3 LLM identified a realistic price range for the product, taking into account attributes like the inclusion of fluoride or a deodorant component. Essentially, the AI model weighed different product features and made trade-offs, just like a human consumer would. The researchers also found that GPT-3 can generate estimates of willingness to pay (WTP) for various product attributes consistent with existing research.
