A Manager and an AI Walk into a Bar: Does ChatGPT Make Biased Decisions Like We Do?

Large language models (LLMs) such as ChatGPT have garnered global attention recently, with a promise to disrupt and revolutionize business operations. As managers rely more on artificial intelligence (AI) technology, there is an urgent need to understand whether there are systematic biases in AI decision-making since they are trained with human data and feedback, and both may be highly biased. This paper tests a broad range of behavioral biases …