It focuses on the way information informs price, and constructs a framework to explain information generation and the agglomeration process, enabling the reader to make more effective financial decisions. List of Figures and Tables ix Acknowledgments xii Preface xiv Introduction 1(9) The ``Old'' View of Finance 10(22) The efficient markets hypothesis: The traditional (albeit incomplete) standard-bearer for information assessment 10(3) A little more on the link between the theory and the applied 13(4) Cost, ability and speed: Important information determinants 17(5) Do empirical studies of the EMH shed any light on the actual speed of information transferal? 22(5) Is ``Strong EMH'' all there is to the ``Traditional'' view of markets and information? 27(5) The ``New'' View of Finance 32(41) ``New'' view challenge no. 1: Determinism, complexity theory and the nonlinear dynamics school 33(13) ``New'' view challenge no. 2: Bounded rationality, heterogeneous agents and the Behavioral Finance school 46(9) ``New'' view challenge no. 3: Trading rules, evolutionary games and artificial markets 55(16) So where does Evolutionary Finance fit-in to the ``new'' view genre? 71(2) The Mechanics of Modeling Information as an Evolutionary Process 73(45) Evolutionary information basics: Memetics and the contribution of Richard Dawkins 75(3) Moving past the elementary: Taking the evolutionary information concept further into the field of finance 78(4) The building blocks of our evolutionary approach toward information in finance 82(8) Some consequences of our evolutionary approach toward modeling information 90(13) How investors interpret Evolutionary Information 103(15) Putting it Altogether -- An Evolutionary Model of the Marketplace 118(43) Stage I: Developing an intertemporal optimization model of information production/consumption and solving for general equilibrium conditions 121(10) Stage II: Linking analyst research output to asset price dynamics 131(12) Stage III: Highlighting our preferred evolutionary model of the market -- constructing the informational genome of asset prices 143(18) The Implications of Our Evolutionary Perspective for Distributional Form 161(41) Foundations for an evolutionary approach toward distributional form 163(17) Analyst/investor strategies and the ecology of the market 180(5) Some implications of our results 185(17) Evolutionary Finance - an Applied Perspective 202(33) A primer on Evolutionary Algorithms 206(14) Evolutionary asset selection 220(7) Evolutionary Portfolio construction 227(2) Does it work? the results of ten years of out-of-sample backtesting for the investment recommendations from Natural Selection™ 229(6) Future Directions -- The Path Ahead for Evolutionary Finance 235(4) Future directions for Evolutionary Finance -- the theory 237(1) Future directions for Evolutionary Finance -- the practice 238(1) Appendix 1: A Glossary of Investment Terms 239(28) Appendix 2: An OLG Form Evolutionary Model of the Marketplace 267(11) An introduction to our OLG framework 268(1) Equilibrium for the consumer 269(1) Equilibrium for the producer 269(1) Factor market equilibrium 270(1) General equilibrium 270(2) Introducing money and prices 272(2) Adding analyst driven expectations 274(4) Appendix 3: Some Background on Evolutionary Finance™ Ltd 278(2) References 280(15) Index 295