考研英語報刊文章閱讀

　　Computerised trading agents may help humans build better markets。

　　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.