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How to Use Large Language Models to Reduce Cost and Improve Performance
A new paper called Frugal GPT reviews the cost associated with querying popular LLM APIs. They find that using these LLMs on large collections of queries and text can be pretty expensive. It has this LLM cascade where they use cheaper LLM's first and then use the expense of GPT4 if it seems to be needed. The paper claims pretty dramatic cost reductions while having comparable performance.