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The space of rational maps on P^1

The set of morphisms $\f:\PP^1\to\PP^1$ of degree $d$ is parametrized by an affine open subset $\Rat_d$ of $\PP^{2d+1}$. We consider the action of~$\SL_2$ on $\Rat_d$ induced by the {\it conjugation action\/} of $\SL_2$ on rational maps; that is, $f\in\SL_2$ acts on~$\f$ via $\f^f=f^{-1}\circ\f\circ f$. The quotient space $\M_d=\Rat_d/\SL_2$ arises very naturally in the study of discrete dynamical systems on~$\PP^1$. We prove that~$\M_d$ exists as an affine integral scheme over~$\ZZ$, that $\M_2$ is isomorphic to~$Å^2_\ZZ$, and that the natural completion of~$\M_2$ obtained using geometric invariant theory is isomorphic to~$\PP^2_\ZZ$. These results, which generalize results of Milnor over~$\CC$, should be useful for studying the arithmetic properties of dynamical systems.