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        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