Zurich

tba

We present a new model of financial markets that studies the evolution of wealth

among investment strategies. An investment strategy can be generated by maximizing utility

given some expectations or by behavioral rules. The only requirement is that any investment strategy

is adapted to the information filtration. The model has the mathematical structure of a random dynamical system.

We solve the model by characterizing evolutionary properties of investment strategies (survival, evolutionary stability, dominance).

It turns out that only a fundamental strategy investing according to expected relative dividends satisfies these evolutionary criteria.

The "large sieve" was invented by Linnik in order to attack problems involving the distribution of integers subject to certain constraints modulo primes, for which earlier methods of sieve theory were not suitable. Recently, the arithmetic large sieve inequality has been found to be capable of much wider application, and has been used to obtain results involving objects not usually considered as related to sieve theory. A form of the general sieve setting will be presented, together with sample applications; those may involve arithmetic properties of random walks on discrete groups, zeta functions over finite fields, modular forms, or even random groups.