Time: 10:00 am - 11:30 am, July 3rd, 2026
Speaker: Miao Ben Zhang (University of Southern California)
Venue: Zhifuxuan Classroom, Langrun Garden, Peking University
Abstract:
This paper studies the impact of generative AI on U.S. households' task allocation at home, using detailed Internet browsing data from a large sample of home devices between 2021 and 2024. Leveraging pre-ChatGPT browsing patterns, we measure households' exposure to ChatGPT and use it as an instrument for ChatGPT adoption during the post-release period. Our IV estimates show that adopting generative AI substantially increases leisure browsing on home devices while leaving time spent on productive digital tasks unchanged. To examine mechanisms, we infer the purpose of households' ChatGPT use from surrounding internet activity and find that households primarily employ it for productive non-market tasks. Together, these results suggest that generative AI frees up leisure time by raising the efficiency of productive digital activities. Interpreting these findings through a standard time-allocation model implies economically large productivity gains from generative AI at home.
Speaker:
Miao Ben Zhang is Associate Professor of Finance and Business Economics at USC's Marshall School of Business. He holds a B.S. in Mathematics from PKU, an M.Phil. in Finance from HKU, and a Ph.D. in Finance from UT Austin. His research on labor, finance, asset pricing, and regulation includes 5 publications in the JF, along with work in JFE and RFS, and has been presented at numerous top conferences, including more than 10 NBER conferences. His work has been cited by policymakers multiple times and frequently covered by the media. Much of his recent research focuses on the frontier of AI, geopolitical risk, and the economy. His recent JF publication is one of the first papers to quantify the effect of generative AI on firm value, drawing on his decade-long research pipeline on technology and labor. His current projects examine how generative AI reshapes household productivity, career ladders, and college education reform, how geopolitical risk affect firm productivity through immigrants, and how two centuries of news can predict stock returns.