考研英语阅读理解专项练习009
新东方在线汇集整理了2013年考研英语阅读理解专项练习供考生参考，希望对参加2014考研的同学有所帮助，了解更多复习资料请持续关注新东方考研频道! 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.www.examda.com
BankofAmericahasbeeninvestigatingthesenewauctions,alongwithrobotictraders,forpossibleuseinelectronicexchanges.Thehopeisthattoday’sfinancialauctionsandonlinemarketplacesmightworkbetterbybecomingmoreliketheirEnglishandDutchforebears.Butwhattocallsuchmulti-ethnichybrids?Here’sintroducingthe"Cliffhanger".
1.Thepassageismainly__________.
A.areviewoftwokindsofauctions
B.anintroductionoftradingrobots
C.asurveyofthetradingmarket
D.abouttradingalternatives
2.Whichofthefollowingistrueaccordingtothetext?
A.David’srobottradershavenowbeenusedinreal-worldmarkets.
B.Robottraderscanevolvelikecreatures.
C.Thereisroomforimprovementinefficiencyintradingmarkets.
D.TheEnglishauctionisthemostpopulartradingform.
3.IfyouweretradingAmericanTreasurybonds,youwouldmostlikelytakethetradingformof___________.
A.theEnglishauction
B.thecontinuousdoubleauction
C.theDutchauction
D.theevolvedauction
4.Wecaninferfromthetextthat______________.
A.existingauctionscannotwithstandmarketshocks
B.theDutchauctionisbetterthanthecontinuousdoubleauction
C.it’shardfortraderstoreachanequilibriumprice
D.thebesttypeofauctiontakesplacewhenthenumberofthebuyersisequaltothatofsellers
5.Towardrobottraders,thewriter’sattitudecanbesaidtobe__________.
A.biased
B.objective
C.pessimistic
D.optimistic
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