On the K-theory of the cyclic quiver variety

Abstract

We compute the convolution product on the equivariant K-groups of the cyclic quiver variety. We get a q-analogue of double-loop algebras, closely related to the toroidal quantum groups previously studied by the authors. We also give a geometric interpretation of the cyclic quiver variety in terms of equivariant torsion-free sheaves on the projective plane.