- 阅读理解A
题干：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".
题目： If you were trading American Treasury bonds, you would most likely take the trading form of（）. - A 、the English auction
- B 、the continuous double auction
- C 、the Dutch auction
- D 、the evolved auction
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参考答案【正确答案：C】
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。
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