Abstract
We define a new cohomology theory of associative algebras called semiinfinite cohomology in the derived categories' setting. We investigate the case of a small quantum group u, calculate semiinfinite cohomology spaces of the trivial u-module and express them in terms of local cohomology of the nilpotent cone for the corresponding semisimple Lie algebra. We discuss the connection between the semiinfinite homology of u and the conformal blocks' spaces.
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