| I fed the question and the grading remark to GPT-4 and here's what I got: """ The problems with the question and grading remark are as follows: 1. The question assumes that everyone is identical, which is an unrealistic and oversimplified assumption. In reality, people have different preferences, time constraints, and valuations of goods and services. This assumption may limit the applicability of the conclusions drawn from the model. 2. The grading remark assumes that the provision of free coffee will cause the line to get longer. While this may be true in some cases, it is not necessarily true in all cases. The increased utility from receiving free coffee may not be enough to incentivize more people to join the line, especially if the waiting time is already long, or if there are alternative sources of coffee or raspberries available. 3. The grading remark also assumes that the waiting time will increase until the value of the coffee is completely dissipated. This is a strong assumption and may not hold in all cases. The increase in waiting time may be limited by factors such as the opening hours of the store or the availability of raspberries. 4. The grading remark calculates the social cost of providing the coffee as $100, which may be an oversimplification. The actual social cost may depend on factors such as the opportunity cost of the time spent waiting in line, the environmental impact of producing and distributing the coffee, and any externalities associated with coffee consumption. 5. The question does not specify whether the government's cost of $1 per cup includes the opportunity cost of the resources used to provide the coffee or only the direct monetary cost. This may lead to an underestimation of the true social cost of providing the coffee. In conclusion, the question and grading remark are based on a simplified model that may not accurately capture the complexities of the real world. The assumptions made in the question and grading remark may limit the applicability of the conclusions drawn from the model. """ Maybe it's not a failure of GPT-4 but a failure of a system which regards "professors of economics" as competent people. |
It's reasonable that GPT, like most economists it is trained on, would not give satisfactory answers to his tests.
His students call attention to his idiosyncratic theory and logic. (Some like it; some don't.)
https://www.ratemyprofessors.com/professor/71418