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
91
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."
The passage is mainly______.
选项
A、a review of two kinds of auctions
B、an introduction of trading robots
C、a survey of the trading market
D、about trading alternatives
答案
B
解析
判断文章主旨要从文章整体来把握。文章第一段说明机器人交易员可以替代人类从事交易工作。接下来作者介绍了其研发过程及其模拟的几种拍卖形式以及它在拍卖中的表现,最后一段对这种机器人交易员的前景进行了展望,可见全文都是在介绍机器人交易员。故答案为[B]。
转载请注明原文地址:https://kaotiyun.com/show/ore4777K
0
考研英语二
相关试题推荐
Accordingtothepassage,thefactthatyoungpeopleseemtobelosinginterestinscience______.Whichofthefollowingstate
Amajorreasonforconflictintheanimalworldisterritory.Themaleanimal(21)anarea.Thesizeoftheareaissufficientt
Sportisheadingforanindissolublemarriagewithtelevisionandthepassivespectatorwillenjoyaprivateparadise.Allofth
Sportisheadingforanindissolublemarriagewithtelevisionandthepassivespectatorwillenjoyaprivateparadise.Allofth
WilltheEuropeanUnionmakeit?Thequestionwouldhavesoundedstrangenotlongago.Noweventheproject’sgreatestcheerlead
WetendtothinkofthedecadesimmediatelyfollowingWorldWarIIasatimeofprosperityandgrowth,withsoldiersreturningh
ThegiantMirafioriplantinTurinistheheartofFiatAuto,thetroubledcardivisionoftheFiatgroup.Astheearlyshifttr
ThegiantMirafioriplantinTurinistheheartofFiatAuto,thetroubledcardivisionoftheFiatgroup.Astheearlyshifttr
Theclean-energybusinessisturningintothenextbiginvestmentboom,inwhichrisksarelightlyignored.Untilrecently,reca
Banks,troubledbyregulatorsandshortofcapital,arefleeingthecommoditiesbusiness.DeutscheBank,MorganStanleyandUBS
随机试题
催化裂化的化学反应机理是什么?
具有关节唇的关节是()
Sometimes,people【C1】______yourlifeandyourealizethattheyarethere【C2】______somepurpose,to【C3】______youalesson,orto
心脏骤停最重要的诊断依据是
大量不保留灌肠时,肛管插入直肠内约()
图示结构在外力F作用下,正确的剪力图形是()。
城市客运交通按照市场经济的规律,应优先发展()。
某化妆品生产企业为增值税一般纳税人,2016年1月将自产的化妆品与某商场进行商品交换,用5箱折价15万元(不含税)化妆品换进劳保用品一批。已知该化妆品本月最高不含税售价是每箱5万元,平均不含税售价是每箱3万元。则该批化妆品交换劳保用品应缴纳消费税(
某商场为一般纳税人,2009年国庆期间,该商场进行促销,规定购物每满100元积10分,不足100元部分不积分,积分可在1年内兑换成与积分数相等金额的商品。某顾客购买了售价1170元(含增值税)的皮包,皮包成本为600元。预计该顾客将在有效期内兑换全部积分。
论述实施合作学习应注意的几个问题。
最新回复
(
0
)