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The Economics of Large Language Models: Token Allocation, Fine-Tuning, and Optimal Pricing
No full textWe develop an economic framework to analyze the optimal pricing and product
design of Large Language Models (LLM). Our framework captures several key features
of LLMs: variable operational costs of processing input and output tokens; the ability
to customize models through fine-tuning; and high-dimensional user heterogeneity in
terms of task requirements and error sensitivity. In our model, a monopolistic seller
offers multiple versions of LLMs through a menu of products. The optimal pricing
structure depends on whether token allocation across tasks is contractible and whether
users face scale constraints. Users with similar aggregate value-scale characteristics
choose similar levels of fine-tuning and token consumption. The optimal mechanism
can be implemented through menus of two-part tariffs, with higher markups for more
intensive users. Our results rationalize observed industry practices such as tiered pricing
based on model customization and usage levels
En matière de GIE, le contrat de groupement ne prime pas le règlement intérieur (note ss. Cass. com., 17 sept. 2025, n° 24-13.590)
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Prestations hôtelières - location meublée et TVA - de l'importance confirmée des choix des bailleurs
No full textApplication de la règle du cours des inscriptions pendant l'exécution du plan de sauvegarde (note sous Cass. Com. 2 juill. 2025, n° 24-13.438, FS-B)
No full textCaducité du cautionnement consenti en contrepartie de délais et remises accordés dans un accord de conciliation caduc (note sous Cass. Com. 12 juin 2025, n° 24-15.117, F-D)
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