Lambda ring
In algebra, a λ-ring or lambda ring is a commutative ring together with some operations λn on it behaving like the exterior powers of vector spaces. Many rings considered in K-theory carry a natural λ-ring structure. λ-rings also provide a powerful formalism for studying an action of the symmetric functions on the ring of polynomials, recovering and extending many classical results (Lascoux (2003)).
λ-rings were introduced by Grothendieck (1957, 1958, p.148). For more about λ-rings see Atiyah & Tall (1969), Knutson (1973), Hazewinkel (2009) and Yau (2010).
If V and W are finite-dimensional vector spaces over a field k, then we can form the direct sum V⊕W, the tensor product V⊗W, and the n-th exterior power of V, Λn(V). All of these are again finite-dimensional vector spaces over k. The same three operations of direct sum, tensor product and exterior power are also available when working with k-linear representations of a finite group, and when working with vector bundles over some topological space, and in more general situations.
λ-rings are designed to abstract the common algebraic properties of these three operations, where we also allow for formal inverses with respect to the direct sum operation. The addition in the ring corresponds to the direct sum, the multiplication in the ring corresponds to the tensor product, and the λ-operations to the exterior powers. For example, the isomorphism
corresponds to the formula
valid in all λ-rings, and the isomorphism
...
Wikipedia