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Strict Standards: Non-static method t3lib_div::shortMD5() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 933

Strict Standards: Non-static method t3lib_extMgm::isCacheFilesAvailable() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 937

Strict Standards: Non-static method t3lib_extMgm::addPageTSConfig() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 36

Strict Standards: Non-static method t3lib_extMgm::addPItoST43() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 95

Strict Standards: Non-static method t3lib_extMgm::getCN() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 734

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 754

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 790

Strict Standards: Non-static method t3lib_extMgm::addPItoST43() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 96

Strict Standards: Non-static method t3lib_extMgm::getCN() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 734

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 754

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 790

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 97

Strict Standards: Non-static method t3lib_extMgm::addPageTSConfig() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 103

Strict Standards: Non-static method t3lib_extMgm::addUserTSConfig() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 108

Strict Standards: Non-static method t3lib_extMgm::addPItoST43() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 128

Strict Standards: Non-static method t3lib_extMgm::getCN() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 734

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 754

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 790

Strict Standards: Non-static method t3lib_extMgm::extPath() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 140

Strict Standards: Non-static method t3lib_extMgm::addPItoST43() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 156

Strict Standards: Non-static method t3lib_extMgm::getCN() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 734

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 754

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 790

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 161

Strict Standards: Non-static method t3lib_extMgm::addPItoST43() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 162

Strict Standards: Non-static method t3lib_extMgm::getCN() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 734

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 754

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 790

Strict Standards: Non-static method t3lib_extMgm::getCN() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 166

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 168

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 184

Strict Standards: Non-static method t3lib_extMgm::addPItoST43() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 186

Strict Standards: Non-static method t3lib_extMgm::getCN() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 734

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 754

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 790

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 194

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 211

Strict Standards: Non-static method t3lib_extMgm::addPItoST43() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/typo3conf/temp_CACHED_psb852_ext_localconf.php on line 214

Strict Standards: Non-static method t3lib_extMgm::getCN() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 734

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 754

Strict Standards: Non-static method t3lib_extMgm::addTypoScript() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_extmgm.php on line 790

Strict Standards: Non-static method t3lib_extMgm::isLoaded() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/index.php on line 93

Strict Standards: Non-static method t3lib_div::makeInstance() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/index.php on line 96

Strict Standards: Non-static method t3lib_div::clientInfo() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/index.php on line 98

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_div.php on line 2700

Strict Standards: Non-static method t3lib_div::int_from_ver() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/index.php on line 118

Strict Standards: Non-static method t3lib_div::addSlashesOnArray() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/index.php on line 123

Strict Standards: Non-static method t3lib_div::addSlashesOnArray() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/index.php on line 124

Strict Standards: Non-static method t3lib_div::makeInstanceClassName() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/index.php on line 134

Strict Standards: Non-static method t3lib_div::_GP() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/index.php on line 137

Strict Standards: Non-static method t3lib_div::_GP() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/index.php on line 138

Strict Standards: Non-static method t3lib_div::_GP() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/index.php on line 139

Strict Standards: Non-static method t3lib_div::_GP() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/index.php on line 140

Strict Standards: Non-static method t3lib_div::_GP() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/index.php on line 141

Strict Standards: Non-static method t3lib_div::_GP() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/index.php on line 142

Strict Standards: Non-static method t3lib_div::_GP() should not be called statically in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/index.php on line 143

Strict Standards: Non-static method t3lib_div::clientInfo() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/tslib/class.tslib_fe.php on line 367

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_div.php on line 2700

Strict Standards: Non-static method t3lib_div::makeInstance() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/tslib/class.tslib_fe.php on line 370

Strict Standards: Non-static method t3lib_div::makeInstance() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/tslib/class.tslib_fe.php on line 462

Strict Standards: Non-static method t3lib_div::_GP() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/tslib/class.tslib_fe.php on line 467

Strict Standards: Non-static method t3lib_div::intExplode() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_db.php on line 567

Strict Standards: Non-static method t3lib_div::_GP() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/tslib/class.tslib_fe.php on line 470

Strict Standards: Non-static method t3lib_div::intInRange() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_userauth.php on line 165

Warning: Cannot modify header information - headers already sent by (output started at /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/config_default.php:312) in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_userauth.php on line 188

Strict Standards: Non-static method t3lib_div::_GP() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_userauth.php on line 265

Strict Standards: Non-static method t3lib_div::_GP() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_userauth.php on line 266

Strict Standards: Non-static method t3lib_div::_GP() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_userauth.php on line 267

Strict Standards: Non-static method t3lib_div::_GP() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_userauth.php on line 268

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_userauth.php on line 488

Strict Standards: Non-static method t3lib_div::intInRange() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_userauth.php on line 493

Strict Standards: Non-static method t3lib_div::inList() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_userauth.php on line 522

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_userauth.php on line 522

Strict Standards: Non-static method t3lib_div::md5int() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_userauth.php on line 524

Warning: Illegal string offset 'uc' in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_userauth.php on line 577

Strict Standards: Non-static method t3lib_div::_GP() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/tslib/class.tslib_fe.php on line 485

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/tslib/class.tslib_fe.php on line 551

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_div.php on line 2640

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_div.php on line 2622

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_div.php on line 2618

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_div.php on line 2622

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_div.php on line 2640

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_div.php on line 2633

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_div.php on line 2628

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_div.php on line 2618

Strict Standards: Non-static method t3lib_div::dirname() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_div.php on line 2628

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_div.php on line 2628

Strict Standards: Non-static method t3lib_div::revExplode() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_div.php on line 804

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/tslib/class.tslib_fe.php on line 572

Strict Standards: Non-static method t3lib_div::makeInstance() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/tslib/class.tslib_fe.php on line 724

Strict Standards: Non-static method t3lib_div::testInt() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/tslib/class.tslib_fe.php on line 1146

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/tslib/class.tslib_fe.php on line 1083

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/tslib/class.tslib_fe.php on line 1083

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/tslib/class.tslib_fe.php on line 1083

Deprecated: Function ereg_replace() is deprecated in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_page.php on line 433

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Deprecated: Function ereg_replace() is deprecated in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_page.php on line 438

Strict Standards: Non-static method t3lib_div::uniqueList() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_page.php on line 482

Strict Standards: Non-static method t3lib_div::trimExplode() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_div.php on line 756

Strict Standards: Non-static method t3lib_div::_GET() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/tslib/class.tslib_fe.php on line 1234

Strict Standards: Non-static method t3lib_div::stripSlashesOnArray() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_div.php on line 260

Strict Standards: Non-static method t3lib_div::makeInstance() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/tslib/class.tslib_fe.php on line 1278

Strict Standards: Non-static method t3lib_div::md5int() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 248

Strict Standards: Non-static method t3lib_div::makeInstance() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 267

Strict Standards: Non-static method t3lib_div::getIndpEnv() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_matchcondition.php on line 99

Strict Standards: Non-static method t3lib_div::trimExplode() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 584

Strict Standards: Non-static method t3lib_extMgm::isLoaded() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 590

Deprecated: Function ereg_replace() is deprecated in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 591

Strict Standards: Non-static method t3lib_extMgm::extPath() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 592

Strict Standards: Non-static method t3lib_div::getURL() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 596

Strict Standards: Non-static method t3lib_div::getURL() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 597

Strict Standards: Non-static method t3lib_div::getURL() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 598

Strict Standards: Non-static method t3lib_div::getURL() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 636

Strict Standards: Non-static method t3lib_div::getURL() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 635

Strict Standards: Non-static method t3lib_div::getURL() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 636

Strict Standards: Non-static method t3lib_div::getURL() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 636

Strict Standards: Non-static method t3lib_div::getURL() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 637

Strict Standards: Non-static method t3lib_div::getURL() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 635

Strict Standards: Non-static method t3lib_div::getURL() should not be called statically, assuming $this from incompatible context in /home/httpd/vhosts/evolutionaryfinance.ch/httpdocs/t3lib/class.t3lib_tstemplate.php on line 636

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Evolutionary Finance: Research Papers
Research Papers
Globally Evolutionarily Stable Portfolio Rules
Abstract:
The paper examines a dynamic model of a financial market with endogenous asset prices determined by short run equilibrium of supply and demand. Asset pay dividends, that are partially consumed and partially reinvested. The traders use fixed-mix investment strategies (portfolio rules), distributing their wealth between assets in fixed proportions. Our main goal is to identify globally evolutionarily stable strategies, allowing an investor to "survive", i.e., to accumulate in the long run a positive share of market wealth, regardless of the initial state of the market. It is shown that there is a unique portfolio rule with this property - an anlaogue of the famous Kelly (1956) rule of "betting one's beliefs".
NCCR FINRISK project, Evolution and Foundations of Financial Markets
September 2005

WP238_3.pdf

385 K

Markets Do Not Select For a Liquidity Preference as Behavior Towards Risk
Abstract:
Tobin (1958) has argued that in the face of potential capital losses on bonds it is reasonable to hold cash as a means to transfer wealth over time. It is shown that this assertion cannot be sustained focusing on the evolution of wealth of cash holders versus non-cash holders. Cash holders will be driven out of the market in the long run by traders who only use a (risky) long-lived asset to transfer wealth. Similarly, in a model with a bond instead of cash, depending on the way consumption is modeled, bond holders do not survive in the presence of pure stock holders.
May 16, 2004
Survival of the Fittest on Wall Street
Abstract:
February 2, 2004
Evolutionary Portfolio Selection with Liquidity Shocks
Abstract:
Insurance companies invest their wealth in financial markets. The wealth evolution strongly depends on the success of their investment strategies, but also on liquidity shocks which occur during unfavourable years, when indemnities to be paid to the clients exceed collected premia. An investment strategy that does not take liquidity shocks into account, exposes insurance companies to the risk of bankruptcy, when liquidity shocks and low investment payoffs jointly appear. Therefore, regulatory authorities impose solvency restrictions to ensure that insurance companies are able to face their obligations with high probability. This paper analyses the behaviour of insurance companies in an evolutionary framework. We show that an insurance company that merely satisfies regulatory constraints will eventually vanish from the market. We give a more restrictive no bankruptcy condition for the investment strategies and we characterize trading strategies that are evolutionary stable, i.e. able to drive out any mutation.
Enrico De Giorgi
December 2003
Evolutionary Stable Stock Markets
Abstract:
This paper shows that a stock market is evolutionary stable if and only if stocks are evaluated by expected relative dividends. Any other market can be invaded by portfolio rules that will gain market wealth and hence change the valuation. In the model the valuation of assets is given by the wealth average of the portfolio rules in the market. The wealth dynamics is modelled as a random dynamical system. Necessary and sufficient conditions are derived for the evolutionary stability of portfolio rules when (relative) dividend payoffs form a stationary Markov process. These local stability conditions lead to a unique evolutionary stable strategy according to which assets are evaluated by expected relative dividends.
October 27, 2003
Evolution of Portfolio Rules in Incomplete Markets
Abstract:
The paper considers the evolution of portfolio rules in markets with stationary returns and endogenous prices. The ultimate success of a portfolio rule is measured by the wealth share the rule is eventually able to conquer in competition with other portfolio rules. We give necessary and sufficient conditions for portfolio rules to be evolutionary stable. In the case of i.i.d. returns we identify a simple portfolio rule to be the unique evolutionary stable strategy. Moreover we demonstrate that mean-variance optimization is not evolutionary stable while the CAPM-rule always imitates the best portfolio rule and survives.
October 2001
Market Selection and Survival of Investment Strategies
Abstract:
October 2001
Market Selection of Financial Trading Strategies: Global Stability
Abstract:
In this paper we analyze the long-run dynamics of the market selection process among simple trading strategies in an incomplete asset market with endogenous prices. We identify a unique surviving financial trading strategy. Investors following this strategy asymptotically gather total market wealth. This result generalizes findings by Blume and Easley (1992) to any complete or incomplete asset market.
July 11, 2001

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