Let Mg,n be the moduli space of Riemann surfaces of genus g with n punctures. It is a complex orbifold (i.e. locally the quotient of a smooth complex manifold by the action of a finite group) of complex dimension d=3g−3+n. This space has a natural symplectic form (in fact Kähler form with respect to the natural complex structure) ω called the Weil-Petersson symplectic form. The corresponding volume form ωd/d! is called the Weil-Petersson volume form and the corresponding volume
Vg,n=∫Mg,nωdd!
is what is usually called the volume of Mg,n. The question is about the computation of Vg,n and the string theory application is in particular concerned with the asymptotics of Vg,n for g→+∞ and n fixed. We can therefore assume that the Euler characteristic χ=2−2g−n is negative. Wolpert has shown in 1983 that Vg,n∈π6g−6+2nQ, which is a nice general property rather than something useful for actual computations.
A basic tool to study the behavior of Vg,n is to have a decomposition in pieces of Mg,n. The idea is to replace a surface by a combinatorial object called a ribbon graph (or fat graph). A ribbon graph is an usual graph (connected and with vertices of valence at least three) which is fattened as a rubber band (equivalently, it is an usual graph with a cyclic ordering of the edges going to a given vertex). A ribbon graph has some boundary which is a disjoint union of some number n of closed loops. Gluing a punctured disk along its boundary to each of these closed loops gives a closed topological surface with n punctures. Let V be the number of vertices and E the number of edges of some ribbon graph with n boundaries. The corresponding surface is of genus g satisfying 2−2g=V−E+n, we call g the genus of the ribbon graph. A metrised ribbon graph is a ribbon graph endowed with some real positive number on each edge. Let Ng,n be the moduli space of metrised ribbon graphs of genus g with n boundaries. This space is a real orbifold and has a natural cellular decomposition given by the combinatorial type of a ribbon graph. It is easy to show that the cells of maximal dimension correspond to trivalent ribbon graphs, and that the corresponding real dimension is 6g−6+3n.
The non-trivial fact is that for every g and every n>0 there exists an isomorphism of orbifolds
Mg,n×Rn+≃Ng,n.
In fact, there exists several such isomorphisms: one can be constructed using hyperbolic geometry, more precisely using the notion of ideal triangulations (as we assume χ<0, Mg,n is also a moduli space of hyperbolic metrics), another can be constructed using the theory of Jenkins-Strebel differentials. Transferring the Weil-Petersson form to Ng,n, it is possible to transfer the problem of computing Vg,n to a problem on Ng,n. The advantage is that Ng,n has a nice cellular decomposition. For the volume, only the cells of dimension maximal are relevant. Around 1990, Penner has shown in
http://projecteuclid.org/euclid.jdg/1214448257
that the number of cells of maximal dimension in the case n=1 is asymptotic to (2g)!6g−3(6e)2g (one has to estimate the number of trivalent ribbon graphs, it is a combinatorial problem which can be solved using the theory of representations of the symmetric groups) and that the contribution of each of these cells is bounded below by Cg for a positive constant C. Penner deduced from that a lower bound of the form Vg,1≥Cg(2g)!. It is this result which is used by Shenker in its paper
http://ccdb5fs.kek.jp/cgi-bin/img/allpdf?200035186
on the size of non-perturbative effects in string theory.
Using similar techniques, it is possible to show that for every fixed n, there exists C and C′ positive constants such that for every g, (C′)g(2g)!≥Vg,n≥Cg(2g)!. Here the (2g)! comes from the number of cells of maximal dimensions in Ng,n. Using the cellular decomposition of Ng,n, it is also possible to compute the Euler characteristic of Mg,0 (it is in fact easier than for the number of cells of maximal dimensions because one treats all the ribbon graphs without distinction), one finds
χ(Mg,0)=B2g2g(2g−2)
where B2g is a Bernoulli numbers which indeed grows as (2g)! (an easy way to see this is to use the formula
ζ(2g)=(−1)g+1B2g(2π)2g2(2g)!
and the fact that ζ(2g) goes to 1 for g going to infinity). Remark that B2g/(2g(2g−2)) is the first factor appearing in the answer of suresh for the genus g topological string amplitudes. It is indeed χ(Mg,0) which appears in the topological string computation and which is responsible for the (2g)! behavior. In some sense, the Euler characteristic is a kind of "topological version" of the volume of a space and so the similarity between the behavior of Vg,n and χ(Mg,n) should not be too surprising.
The conclusion of the cellular decomposition story is the estimate
(C′)g(2g)!≥Vg,n≥Cg(2g)!.
One can ask if it is possible to have a more precise control on Vg,n, g→+∞, n fixed. To do better, it is necessary to have new tools and a breakthrough has been down by Mirzakhani who proved around 2007 in
http://www.ams.org/journals/jams/2007-20-01/S0894-0347-06-00526-1/S0894-0347-06-00526-1.pdf
a recursion relation between the Vg,n's (more precisely, between more general numbers Vg,n(L1,...,Ln) whose Vg,n's are the specialization atL1=...=Ln=0). Using this recursion relation, she proved with Zograf in
http://arxiv.org/abs/1112.1151
that there exists a constant C such that for every n, we have the asymptotics
Vg,n=g→∞C√g(4π2)2g+n−3(2g−3+n)!(1+O(g)).
A conjectural value for C is 1/√π.