On a smooth projective variety,
line bundles of given numerical invariants are parametrised over a well-behaved
moduli space (isomorphic to the
Picard variety). This space is, in particular, a
proper and
separated scheme of
finite type, thus lending itself to algebro-geometric analysis. Similar considerations fail when naively parametrising vector bundles of higher rank. As an example, consider the moduli of vector bundles of rank r=2 and first
Chern class c_1=0 on the
complex projective line \mathbb{P}^1. If they were to form a separated moduli space, the
valuative criterion would imply that any family over the punctured line \mathbb{C}^\ast can be completed to at most one family over \mathbb{C}. But it is straightforward to construct a family that admits two non-isomorphic completions. Indeed consider the constant family assigning each t\in \mathbb{C}^\ast to the bundle V_t\simeq \mathcal{O}\oplus\mathcal{O} . Tensoring the
Euler sequence of \mathbb{P}^1 by \mathcal{O}(1) gives a non-split exact sequence0 \to \mathcal{O}(-1) \to \mathcal{O}\oplus \mathcal{O} \to \mathcal{O}(1) \to 0, and hence this family can be described by saying V_t is the
extension corresponding to 1\in \mathbb{C}\simeq \operatorname{Ext}^1(\mathcal{O}(1),\mathcal{O}(-1)). Likewise, assigning t\in \mathbb{C}^\ast to the extension corresponding to t\in \operatorname{Ext}^1(\mathcal{O}(1),\mathcal{O}(-1)) furnishes another family W_t\simeq \mathcal{O}\oplus \mathcal{O}. The two families are isomorphic, where the isomorphism V_t\to W_t is induced by the automorphism \mathcal{O}(-1)\to \mathcal{O}(-1) given by multiplication by t - that is, we have two equivalent descriptions of the same family. When naturally completed over \mathbb{C}, the first description continues to yield the extension V_0=\mathcal{O}\oplus \mathcal{O} corresponding to 1\in \operatorname{Ext}^1(\mathcal{O}(1),\mathcal{O}(-1)). The second description, on the other hands, yields the split extension W_0\simeq \mathcal{O}(-1)\oplus\mathcal{O}(1) corresponding to t=0\in \operatorname{Ext}^1(\mathcal{O}(1),\mathcal{O}(-1)). The two bundles, and hence the two completions, are non-isomorphic. The notion of stability navigates this issue by restricting the class of bundles that may appear in the moduli space, with the upshot of preserving desirable algebro-geometric properties. == Stable vector bundles over curves ==