3 Effective steps to Reduce OpenAI API Costs - FrugalGPT

Paper - FrugalGPT: How to Use Large Language Models
While Reducing Cost and Improving Performance
Lingjiao Chen, Matei Zaharia, James Zou
Stanford University

Paper Abstract -

There is a rapidly growing number of large language models (LLMs) that users can query for
a fee. We review the cost associated with querying popular LLM APIs—e.g. GPT-4, ChatGPT,
J1-Jumbo—and find that these models have heterogeneous pricing structures, with fees that can
differ by two orders of magnitude. In particular, using LLMs on …

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