Character variety

In the mathematics of moduli theory, given an algebraic, reductive, Lie group formula_1 and a finitely generated group formula_2, the formula_1-"character variety of" formula_2 is a space of equivalence classes of group homomorphisms
More precisely, formula_1 acts on formula_7 by conjugation, and two homomorphisms are defined to be equivalent (denoted formula_8) if and only if their orbit closures intersect. This is the weakest equivalence relation on the set of conjugation orbits that yields a Hausdorff space.
Formulation.
Formally, and when the algebraic group is defined over the complex numbers formula_9, the formula_1-character variety is the spectrum of prime ideals of the ring of invariants (i.e., the GIT quotient).
Here more generally one can consider algebraically closed fields of prime characteristic. In this generality, character varieties are only algebraic sets and are not actual varieties. To avoid technical issues, one often considers the associated reduced space by dividing by the radical of 0 (eliminating nilpotents). However, this does not necessarily yield an irreducible space either. Moreover, if we replace the complex group by a real group we may not even get an algebraic set. In particular, a maximal compact subgroup generally gives a semi-algebraic set. On the other hand, whenever formula_2 is free we always get an honest variety; it is singular however.
Examples.
For example, if formula_13 and formula_2 is free of rank two, then the character variety is formula_15, since by a theorem of Robert Fricke, Felix Klein, and Henri G. Vogt, its coordinate ring is isomorphic to the complex polynomial ring in 3 variables, formula_16. Restricting to formula_17 gives a closed real three-dimensional ball (semi-algebraic, but not algebraic).
Another example, also studied by Vogt and Fricke–Klein is the case with formula_13 and formula_2 is free of rank three. Then the character variety is isomorphic to the hypersurface in formula_20 given by the equation 
Variants.
This construction of the character variety is not necessarily the same as that of Marc Culler and Peter Shalen (generated by evaluations of traces), although when formula_21 they do agree, since Claudio Procesi has shown that in this case the ring of invariants is in fact generated by only traces. Since trace functions are invariant by all inner automorphisms, the Culler–Shalen construction essentially assumes that we are acting by formula_21 on formula_23 even if
formula_24.
For instance, when formula_2 is a free group of rank 2 and formula_26, the conjugation action is trivial and the formula_1-character variety is the torus
But the trace algebra is a strictly small subalgebra (there are less invariants). This provides an involutive action on the torus that needs to be accounted for to yield the Culler–Shalen character variety. The involution on this torus yields a 2-sphere. The point is that up to formula_29-conjugation all points are distinct, but the trace identifies elements with differing anti-diagonal elements (the involution).
Connection to geometry.
There is an interplay between these moduli spaces and the moduli spaces of principal bundles, vector bundles, Higgs bundles, and geometric structures on topological spaces, given generally by the observation that, at least locally, equivalent objects in these categories are parameterized by conjugacy classes of holonomy homomorphisms. In other words, with respect to a base space formula_30 for the bundles or a fixed topological space for the geometric structures, the holonomy homomorphism is a group homomorphism from formula_31 to the structure group formula_1 of the bundle.
Connection to skein modules.
The coordinate ring of the character variety has been related to skein modules in knot theory. The skein module is roughly a deformation (or quantization) of the character variety. It is closely related to topological quantum field theory in dimension 2+1.