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  • 閱讀理解A
    題干:Thankstoslumpingmarkets,investmentbanksaresheddingmanyoftheirhighly-paidtraders.Whenmarketsrecover,thebanksmightbetemptedtoreplacethemwithrathercheapertalent.Onealternativehasbeenaroundforawhilebuthasyettocatchon:autonomoustradingagents—computersprogrammedtoactlikethehumanversionwithoutsuchpeskycostsasholidays,lunchbreaksorbonuses.Programtradinghas,ofcourse,beendonebefore;someblamedthe1987stockmarketcrashoncomputersinstructedwithsimpledecision-makingrules.Butrobotscanbesmarterthanthat.DaveCliff,aresearcheratHewlett-PackardLaboratoriesinBristol,England,hasbeencreatingtradingrobotsforsevenyears.Incomputersimulationsheletsthemevolve"genetically",andsoallowsthemtoadaptandfitmodelsofreal-worldfinancialmarkets.Hisexperimentshavesuggestedthataredesignofsomemarketscouldleadtogreaterefficiency.Lastyear,aresearchgroupatIBMshowedthatMrCliff'sartificialtraderscouldconsistentlybeatthehumanvariety,invariouskindsofmarket.Nearlyalltaketheshapeofanauction.Onewell-knowntypeistheEnglishauction,familiartopatronsofthesalesroomsofChristie'sandSotheby's,wheresellerskeepmumontheirofferprice,andbuyersincreasetheirbidsbystagesuntilonlyoneremains.AttheotherextremeistheDutchauction,familiarto17th-centurytulip-tradersintheNetherlandsaswellastobiddersforAmericanTreasurybonds.Here,buyersremainsilent,andasellerreduceshispriceuntilitisaccepted.Mostmarketsforshares,commodities,foreignexchangeandderivativesareahybridofthesetwotypes:buyersandsellerscanannouncetheirbidorofferpricesatanytime,anddealsareconstantlybeingclosed,aso-called"continuousdoubleauction".MrCliff'snovelideawastoapplyhisevolutionarycomputerprogramstomarketplacesthemselves.Whynot,hethought,tryandseewhattypesofauctionwouldlettradersconvergemostquicklytowardsanequilibriumprice?Theresultsweresurprising.Inhismodels,auctionsthatletbuyersandsellersbidatanytimelikemostoftoday'sfinancialexchangeswerelessefficientthanonesthatrequiredrelativelymorebidsfromeitherbuyersorsellers.These"evolvedauctions"alsowithstoodbigmarketshocks,suchascrashesandpanics,betterthantoday'sreal-worldversions.MrCliff'smostrecentresults,whichwillbepresentedinSydney,Australia,onDecember10th,showthatthebesttypeofauctionforanymarketdependscruciallyonevenslightdifferencesinthenumberofbuyersandsellers.BankofAmericahasbeeninvestigatingthesenewauctions,alongwithrobotictraders,forpossibleuseinelectronicexchanges.Thehopeisthattoday'sfinancialauctionsandonlinemarketplacesmightworkbetterbybecomingmoreliketheirEnglishandDutchforebears.Butwhattocallsuchmulti-ethnichybrids?Here'sintroducingthe"Cliffhanger".
    題目:The passage is mainly().
  • 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

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判斷文章主旨要從文章整體來把握。文章第一段說明機器人交易員可以替代人類從事交易工作。接下來作者介紹其研發(fā)過程及其模擬的幾種拍賣形式以及拍賣中的表現(xiàn),最后一段對這種機器人交易員的前景進行了展望,可見全文都是在介紹機器人交易員。

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