On the K-theory of the cyclic quiver variety

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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.
22 pages, AMS-tex

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