Conducting Qualitative Interviews with AI

72 Pages Posted: 11 Oct 2023

See all articles by Felix Chopra

Felix Chopra

University of Copenhagen; CEBI

Ingar Haaland

NHH Norwegian School of Economics

Multiple version iconThere are 2 versions of this paper

Date Written: September 15, 2023

Abstract

Qualitative interviews are one of the fundamental tools of empirical social science research and give individuals the opportunity to explain how they understand and interpret the world, allowing researchers to capture detailed and nuanced insights into complex phenomena. However, qualitative interviews are seldom used in economics and other disciplines inclined toward quantitative data analysis, likely due to concerns about limited scalability, high costs, and low generalizability. In this paper, we introduce an AI-assisted method to conduct semi-structured interviews. This approach retains the depth of traditional qualitative research while enabling large-scale, cost-effective data collection suitable for quantitative analysis. We demonstrate the feasibility of this approach through a large-scale data collection to understand the stock market participation puzzle. Our 395 interviews allow for quantitative analysis that we demonstrate yields richer and more robust conclusions compared to qualitative interviews with traditional sample sizes as well as to survey responses to a single open-ended question. We also demonstrate high interviewee satisfaction with the AI-assisted interviews. In fact, a majority of respondents indicate a strict preference for AI-assisted interviews over human-led interviews. Our novel AI-assisted approach bridges the divide between qualitative and quantitative data analysis and substantially lowers the barriers and costs of conducting qualitative interviews at scale.

Keywords: Artificial Intelligence, Interviews, Large Language Models, Qualitative Methods, Stock Market Participation

JEL Classification: C83, C90, D14, D91, Z13

Suggested Citation

Chopra, Felix and Haaland, Ingar, Conducting Qualitative Interviews with AI (September 15, 2023). Available at SSRN: https://ssrn.com/abstract=4572954 or http://dx.doi.org/10.2139/ssrn.4572954

Felix Chopra (Contact Author)

University of Copenhagen ( email )

Øster Farimagsgade 5, Bygn 26
Copenhagen, 1353
Denmark

CEBI ( email )

Denmark

Ingar Haaland

NHH Norwegian School of Economics ( email )

Helleveien 30
N-5035 Bergen
Norway

HOME PAGE: http://sites.google.com/site/ingarhaaland/

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