Let G be a finite group. For a G-ring A, let PicG(A) denote the equivariant Picard group of A. We show that if A is a finite type algebra over a field k then PicG(A) is contracted in the sense of Bass with contraction Het1(G;Spec(A), ℤ). This gives a natural decomposition of the group PicG(A[t,t−1]).
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