LABOR-LLM: Language-Based Occupational Representations with Large Language Models

• URL: http://arxiv.org/abs/2406.17972v2
• Date: Wed, 11 Dec 2024 06:39:43 GMT
• Title: LABOR-LLM: Language-Based Occupational Representations with Large Language Models
• Authors: Susan Athey, Herman Brunborg, Tianyu Du, Ayush Kanodia, Keyon Vafa,
• Abstract summary: CAREER predicted a worker's next job as a function of career history.<n>This paper considers an alternative where the resume-based foundation model is replaced by a large language model.
• Score: 8.909328013944567
• License: http://arxiv.org/licenses/nonexclusive-distrib/1.0/
• Abstract: Vafa et al. (2024) introduced a transformer-based econometric model, CAREER, that predicts a worker's next job as a function of career history (an "occupation model"). CAREER was initially estimated ("pre-trained") using a large, unrepresentative resume dataset, which served as a "foundation model," and parameter estimation was continued ("fine-tuned") using data from a representative survey. CAREER had better predictive performance than benchmarks. This paper considers an alternative where the resume-based foundation model is replaced by a large language model (LLM). We convert tabular data from the survey into text files that resemble resumes and fine-tune the LLMs using these text files with the objective to predict the next token (word). The resulting fine-tuned LLM is used as an input to an occupation model. Its predictive performance surpasses all prior models. We demonstrate the value of fine-tuning and further show that by adding more career data from a different population, fine-tuning smaller LLMs surpasses the performance of fine-tuning larger models.

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