英语阅读翻译
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 search group at IBM showed that Mr Cliff's artificial traders could consistently beat the human variety,in various kinds of market.Nearly all take theshape of an auction.One well-known type is the English auction,familiar to customers 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.
戴夫克利夫，惠普
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的研究员在布里斯托尔，英国，创造了机器人七年。在计算机模拟，
他让他们发展的“基因”，从而让它们适应和适应模型的现实世界的金融市场。实验
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的一些市场可能导致更大的效率。最后年，一个搜索组展示，克利夫的人造交易员可
以始终战胜人类品种，各类市场。几乎所有参加拍卖时。一个众所周知的类型是英式拍卖，
让顾客熟悉的门市部克里斯蒂和苏富比，双方保持沉默的报价价格与买家，增加其出价的阶
段，直到剩下一个。
At the other extreme is the Dutch auction,familiar to 17th-century tulip-traders in the Netherlands as well as to bidders for American Treasury bonds.Here,buyers remain silent,and a seller reduces his price until it is accepted.Most markets for shares,commodities,foreign exchange and derivatives are a mixture of these two types:buyers and sellers can announce their bid or offer prices at any time,and deals are constantly being closed,a so-called"continuons double auction". 在另一个极端是荷兰式拍卖，熟悉tulip-traders在17世纪荷兰以及竞购美国国债。这里，
买家和卖家保持沉默，直到它接受降低其价格。大多数股票市场，期货，外汇和衍生产品是
一种混合的这些类型:买家卖方可以宣告其投标或报价的价格在任何时间，并不断被关闭，
一个所谓的“连续双向拍卖”。
Mr Cliff's novel idea was to apply his evolutionary computer programs to marketplaces themselves.Why not,he thought,try and see what types of auction would let traders converge most quickly towards a balance price?The results were surprising.In his models,auctions that let buyers and sellers bid at any time like most of today's financial exchanges were less efficient than ones that required relatively more bids from either buyers or sellers.These "evolved auctions"also withstood big market shocks,such as crashes and panics,better than today's real-world versions.Mr Cliff's most recent results,which will be presented in Sydney,Australia,on December 10th,show that the best type of auction for any market depends crucially on even slight differences in the number of buyers and sellers.
克利夫的新思路就是将他的进化的计算机程序市场自己。为什么不呢，他想，看看什么类型
的拍卖会让交易者收敛最快实现平衡的价格吗,结果是令人惊讶的。在他的模型中，拍卖，
让买方和卖方出价，在任何时间最喜欢今天的金融交流少效率比那些需要比较多的出价从买
家或者卖家。这些“拍卖”也经受住了大市场的冲击，比如崩盘和恐慌，比今天的现实世界
版本。克利夫的最新结果，并将在悉尼，澳大利亚，十二月十日，表明，最佳类型的拍卖市
场在很大程度上取决于甚至略有不同数量的买家和卖家。
Bank of America has been investigating these new auctions,along with robotic traders,for possible use in electronic exchanges.The hope is that today's financial
auctions and online marketplaces might work better by becoming more like their English and Dutch ancestors.
美国银行一直在调查这些新的拍卖，随着机器人交易员，可能使用电子交流。希望是今天的
拍卖和网上市场可能会更好地工作变得越来越喜欢英语和荷兰语的祖先。
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