首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
考研
Thanks to slumping markets, investment banks are shedding many of their highly-paid traders. When markets recover, the banks mig
Thanks to slumping markets, investment banks are shedding many of their highly-paid traders. When markets recover, the banks mig
admin
2019-05-04
121
问题
Thanks to slumping markets, investment banks are shedding many of their highly-paid traders. When markets recover, the banks might be tempted to replace them with rather cheaper talent. One alternative has been around for a while but has yet to catch on: autonomous trading agents—computers programmed to act like the human version without such pesky costs as holidays, lunch breaks or bonuses. Program trading has, of course, been done before; some blamed the 1987 stockmarket crash on computers instructed with simple decision-making rules. But robots can be smarter than that.
Dave Cliff, a researcher at Hewlett-Packard Laboratories in Bristol, England, has been creating trading robots for seven years. In computer simulations he lets them evolve "genetically," and so allows them to adapt and fit models of real-world financial markets. His experiments have suggested that a redesign of some markets could lead to greater efficiency. Last year, a research group at IBM showed that Mr Cliff’s artificial traders could consistently beat the human variety, in various kinds of market. Nearly all take the shape of an auction. One well-known type is the English auction, familiar to patrons of the salesrooms of Christie’s and Sotheby’s, where sellers keep mum on their offer price, and buyers increase their bids by stages until only one remains.
At the other extreme is the Dutch auction, familiar to 17th-century tulip-traders in the Netherlands as well as to bidders for American Treasury bonds. Here, buyers remain silent, and a seller reduces his price until it is accepted. Most markets for shares, commodities, foreign exchange and derivatives are a hybrid of these two types: buyers and sellers can announce their bid or offer prices at any time, and deals are constantly being closed, a so-called "continuous double auction."
Mr Cliff’s novel idea was to apply his evolutionary computer programs to marketplaces themselves. Why not, he thought, try and see what types of auction would let traders converge most quickly towards an equilibrium price? The results were surprising. In his models, auctions that let buyers and sellers bid at any time like most of today’s financial exchanges were less efficient than ones that required relatively more bids from either buyers or sellers. These "evolved auctions" also withstood big market shocks, such as crashes and panics, better than today’s real-world versions. Mr Cliff’s most recent results, which will be presented in Sydney, Australia, on December 10th, show that the best type of auction for any market depends crucially on even slight differences in the number of buyers and sellers.
Bank of America has been investigating these new auctions, along with robotic traders, for possible use in electronic exchanges. The hope is that today’s financial auctions and online marketplaces might work better by becoming more like their English and Dutch forebears. But what to call such multi-ethnic hybrids? Here’s introducing the "Cliffhanger."
We can infer from the text that______.
选项
A、existing auctions can not withstand market shocks
B、the Dutch auction is better than the continuous double auction
C、it’s hard for traders to reach an equilibrium price
D、the best type of auction takes place when the number of the buyers is equal to that of sellers
答案
B
解析
根据文章第四段克里夫的研究发现,现今大多数金融交易中所采用让买卖双方随时竞价的拍卖方式比那些需要买卖双方提出更多竞价的模式效率要低下。可见荷兰式的拍卖方式比连续双向拍卖好。这也可以从文章最后一段判断。
转载请注明原文地址:https://kaotiyun.com/show/7ue4777K
0
考研英语二
相关试题推荐
Whichofthefollowingcanbethebesttitleofthispassage?Thephrase"synergisticeffect"inthelastparagraphisclosest
Amajorreasonforconflictintheanimalworldisterritory.Themaleanimal(21)anarea.Thesizeoftheareaissufficientt
Amajorreasonforconflictintheanimalworldisterritory.Themaleanimal(21)anarea.Thesizeoftheareaissufficientt
Conveniencefoodhelpscompaniesbycreatinggrowth;butwhatisitseffectonpeople?Forpeoplewhothinkcookingwasthefoun
WilltheEuropeanUnionmakeit?Thequestionwouldhavesoundedstrangenotlongago.Noweventheproject’sgreatestcheerlead
WetendtothinkofthedecadesimmediatelyfollowingWorldWarIIasatimeofprosperityandgrowth,withsoldiersreturningh
WetendtothinkofthedecadesimmediatelyfollowingWorldWarIIasatimeofprosperityandgrowth,withsoldiersreturningh
Whenitcomestotheeconomy,pessimismisinandgoodoldAmericanoptimismisout.Fromtheheadlinesinthenewspaperstothe
Thefinanceministerhasnotbeenso______sinceheraisedtaxestoanunbearablelevel.
Don’ttalk:yourcellphonemaybeeavesdropping.Thankstorecentdevelopmentsin"spyphone"software,ado-it-yourselfspook
随机试题
在马克思的管理二重性中,与管理的社会属性相联系的是()
A、相须B、单行C、相杀D、相恶E、相反生姜配天南星属于
下列不属于合规管理的基本机制的是()。
下列属于劳动关系民主化原则的是()。
物质无非是各种物的总和,是从这种总和中抽象出来的。这种观点属于()。
海湾战争之后不久,调查研究者对这个地区进行了报道。在战争期间,当正常的石油生产减慢时,这个地区遭受了成百上千的浓烟滚滚的石油大火和肆意的石油横流,然而,战后这个地区的石油污染比他们战前对这个地区调查的结果要轻。他们又报道说,与波罗的海气候温和的石油生产地区
某计算机的主存地址空间大小为256MB,按字节编址。指令Cache和数据Cache分离,均有8个Cache行,每个Cache行大小为64B,数据Cache采用直接映射方式。现有两个功能相同的程序A和B,其伪代码如下:假定int类型数据用32位补码表示,程序
准实验
Whatarethespeakersmainlydiscussing?
JaydenHairstonwasverydisappointed.Morethananythingintheworld,hewantedtolearnhowtosing.HisschoolinYonkers—ju
最新回复
(
0
)