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
142
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."
If you were trading American Treasury bonds, you would most likely take the trading form of______.
选项
A、the English auction
B、the continuous double auction
C、the Dutch auction
D、the evolved auction
答案
C
解析
文章第三段介绍荷兰式拍卖时说它是“今天竞拍美国国库券竞标人所熟悉的一种拍卖形式”。可见,如果交易美国国库券,最有可能采用荷兰式拍卖方式。
转载请注明原文地址:https://kaotiyun.com/show/zre4777K
0
考研英语二
相关试题推荐
Whichofthefollowingcanbethebesttitleofthispassage?Themainfunctionoftheliveristo______.
ThemajordifferencebetweennarrativesalesandsuggestivesalesisthatThebiggestchallengeforaconsultativesalesperson
I’mnotsurewhetherIcangainanyprofitfromtheinvestment,soIcan’tmakea(an)______promisetohelpyou.
Thebesttitleforthispassagewouldbe______.Accordingtotheauthor,whichofthefollowingisNOTnecessarilythecase?
Theauthorbelievesinthepassagethat______.AllofthefollowingarestepsinvolvedintruecloningEXCEPT______.
Amajorreasonforconflictintheanimalworldisterritory.Themaleanimal(21)anarea.Thesizeoftheareaissufficientt
Conveniencefoodhelpscompaniesbycreatinggrowth;butwhatisitseffectonpeople?Forpeoplewhothinkcookingwasthefoun
Leadingdoctorstodayweighinonthedebateoverthegovernment’sroleinpromotingpublichealthbydemandingthatministersi
WilltheEuropeanUnionmakeit?Thequestionwouldhavesoundedstrangenotlongago.Noweventheproject’sgreatestcheerlead
AnyonecantrackaVenmouser’spurchasehistoryandcollectadetailedprofile—includingtheirdrugdeals,eatinghabitsand
随机试题
A.500~1000UB.1000~1500UC.1500~3000UD.3000~4500UE.3000~6000U破伤风伤员早期应用一次人体免疫球蛋白有效,剂量为()
北京犬,雄性,3个月。急性完全性小肠梗阻。随着病情进展,出现尿量减少,但无渴感。实验室检查:血红蛋白升高,血细胞比容升高,血钠、血氯正常,尿比重增高。这是哪种体液代谢失调
患者,男,46岁。出现发热、膀胱刺激征2天。痛风病史5年余。查体:右侧肾区叩击痛。导致该患者致病最常见的致病菌是
新生儿脐炎最常见的致病菌是
如果银行的总资产为1000亿元,总存款为800亿元,核心存款为200亿元,应收存款为10亿元,现金头寸为5亿元,总负债为900亿元,则该银行核心存款比例等于()。
科研事业单位改革的主要措施有()。
相对于卖家来说,买家在二手车市场上具有信息劣势。因此对于两辆除质量不同外、其他方面均无差异的二手车,最终在市场上的销售结果往往是质量好的车卖不出去,而质量差的车行情好。以上这种现象属于()。
Choosethecorrectanswer,A,BorC.TamertonCentreForthespeaker,what’sthemostspecialfeatureofthecourse?
ThelateAustrianphilosopherLudwigWittgensteinoncesaidthatthemeaningofawordwasderivedfromthewayitisusedinla
HowtoChooseaCollege?I.Student-facultyratio—Thelowertheratios,themore【T1】______youwillget—Healthy
最新回复
(
0
)