Operations that preserve integrability, and truncated Riesz spaces

For any real number $p\in [1,+\infty)$, we characterise the operations $\mathbb{R}^I \to \mathbb{R}$ that preserve $p$-integrability, i.e., the operations under which, for every measure $\mu$, the set $\mathcal{L}^p(\mu)$ is closed. We investigate the infinitary variety of algebras whose operations are exactly such functions. It turns out that this variety coincides with the category of Dedekind $\sigma$-complete truncated Riesz spaces, where truncation is meant in the sense of R. N. Ball. We also prove that $\mathbb{R}$ generates this variety. From this, we exhibit a concrete model of the free Dedekind $\sigma$-complete truncated Riesz spaces. Analogous results are obtained for operations that preserve $p$-integrability over finite measure spaces: the corresponding variety is shown to coincide with the much studied category of Dedekind $\sigma$-complete Riesz spaces with weak unit, $\mathbb{R}$ is proved to generate this variety, and a concrete model of the free Dedekind $\sigma$-complete Riesz spaces with weak unit is exhibited.