A diverse array of reasoning strategies has been proposed to elicit the capabilities of large language models. However, in this paper, we point out that traditional evaluations which focus solely on performance metrics miss a key factor: the increased effectiveness due to additional compute. By overlooking this aspect, a skewed view of strategy efficiency is often presented. This paper introduces a framework that incorporates the compute budget into the evaluation, providing a more informative comparison that takes into account both performance metrics and computational cost. In this budget-aware perspective, we find that complex reasoning strategies often don’t surpass simpler baselines purely due to algorithmic ingenuity, but rather due to the larger computational resources allocated. When we provide a simple baseline like chain-of-thought self-consistency with comparable compute resources, it frequently outperforms reasoning strategies proposed in the literature. In this scale-aware perspective, we find that unlike self-consistency, certain strategies such as multi-agent debate or Reflexion can become worse if more compute budget is utilized.

Large Language Models (LLMs) can exhibit considerable variation in the quality of their sampled outputs. Reranking and selecting the best generation from the sampled set is a popular way of obtaining strong gains in generation quality. In this paper, we present a novel approach for reranking LLM generations. Unlike other techniques that might involve additional inferences or training a specialized reranker, our approach relies on easy to compute pairwise statistics between the generations that have minimal compute overhead. We show that our approach can be formalized as an extension of self-consistency and analyze its performance in that framework, theoretically as well as via simulations. We show strong improvements for selecting the best k generations for code generation tasks as well as robust improvements for the best generation for the tasks of autoformalization, summarization, and translation. While our approach only assumes black-box access to LLMs, we show that additional access to token probabilities can improve performance even further.