The moduli space of stable quotients

A moduli space of stable quotients of the rank n trivial sheaf on stable curves is introduced. Over nonsingular curves, the moduli space is Grothendieck's Quot scheme. Over nodal curves, a relative construction is made to keep the torsion of the quotient away from the singularities. New compactifications of classical spaces arise naturally: a nonsingular and irreducible compactification of the moduli of maps from genus 1 curves to projective space is obtained. Localization on the moduli of stable quotients leads to new relations in the tautological ring generalizing Brill-Noether constructions. The moduli space of stable quotients is proven to carry a canonical 2-term obstruction theory and thus a virtual class. The resulting system of descendent invariants is proven to equal the Gromov-Witten theory of the Grassmannian in all genera. Stable quotients can also be used to study Calabi-Yau geometries. The conifold is calculated to agree with stable maps. Several questions about the behavior of stable quotients for arbitrary targets are raised.