The Degasperis-Procesi equation as a non-metric Euler equation

In this paper we present a geometric interpretation of the periodic Degasperis-Procesi equation as the geodesic flow of a right invariant symmetric linear connection on the diffeomorphism group of the circle. We also show that for any evolution in the family of $b$-equations there is neither gain nor loss of the spatial regularity of solutions. This in turn allows us to view the Degasperis-Procesi and the Camassa-Holm equation as an ODE on the Fr\'echet space of all smooth functions on the circle.