Twenty years ago, Mumford initiated the systematic study of the cohomology ring of moduli spaces of Riemann surfaces. Around the same time, Harer proved that the homology of the mapping class groups of oriented surfaces is independent of the genus in low degrees, increasing with the genus. The (co)homology of mapping class groups thus stabelizes. At least rationally, the mapping class groups have the same (co)homology as the corresponding moduli spaces. This prompted Mumford to conjecture that the stable rational cohomology of moduli spaces is generated by certain tautological classes that he defines. much of the recent interest in this subject is motivated by mathematical physics and, in particular, by string theory. The study of the category of strings led to the discovery of an infinite loop space, the cohomology of which is the stable cohomology of the mapping class groups. We explain here a homotopy theoretic approach to Mumford's conjecture based on this fact. As byproducts infinite families o torsion classes in the stable cohomology are detected, and the divisibility of the tautological classes is determined. An analysis of the category of strings in a background space leads to the formulization of a parametrized version of Mumford's conjecture.
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