@inproceedings{mcdonald-etal-2025-afford,
    title = "Can We Afford The Perfect Prompt? Balancing Cost and Accuracy with the Economical Prompting Index",
    author = "McDonald, Tyler  and
      Colosimo, Anthony  and
      Li, Yifeng  and
      Emami, Ali",
    editor = "Rambow, Owen  and
      Wanner, Leo  and
      Apidianaki, Marianna  and
      Al-Khalifa, Hend  and
      Eugenio, Barbara Di  and
      Schockaert, Steven",
    booktitle = "Proceedings of the 31st International Conference on Computational Linguistics",
    month = jan,
    year = "2025",
    address = "Abu Dhabi, UAE",
    publisher = "Association for Computational Linguistics",
    url = "https://preview.aclanthology.org/fix-sig-urls/2025.coling-main.471/",
    pages = "7075--7086",
    abstract = "As prompt engineering research rapidly evolves, evaluations beyond accuracy are crucial for developing cost-effective techniques. We present the Economical Prompting Index (EPI), a novel metric that combines accuracy scores with token consumption, adjusted by a user-specified cost concern level to reflect different resource constraints. Our study examines 6 advanced prompting techniques, including Chain-of-Thought, Self-Consistency, and Tree of Thoughts, across 10 widely-used language models and 4 diverse datasets. We demonstrate that approaches such as Self-Consistency often provide statistically insignificant gains while becoming cost-prohibitive. For example, on high-performing models like Claude 3.5 Sonnet, the EPI of simpler techniques like Chain-of-Thought (0.72) surpasses more complex methods like Self-Consistency (0.64) at slight cost concern levels. Our findings suggest a reevaluation of complex prompting strategies in resource-constrained scenarios, potentially reshaping future research priorities and improving cost-effectiveness for end-users."
}