2. 考研
  3. 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

admin2019-05-04  85
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."
Toward robot traders, the writer’s attitude can be said to be______.
选项 A、biased
B、objective
C、pessimistic
D、optimistic
答案D
解析 作者的态度可以通过材料的选择和措辞来判断。在第一段，作者指出，机器人交易员不同于程序交易，是聪明的交易员(robots can be smarter than that)。接着在第二段，作者介绍了一个研究小组的成果：这种机器人交易员可以在各种市场上击败真人交易员(…consistently beat the human variety，in various kinds of market)。可见，作者对机器人交易员持积极乐观的态度。
转载请注明原文地址:https://kaotiyun.com/show/Kue4777K
0

考研英语二

相关试题推荐
随机试题
最新回复(0)