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We analyze renormalization and the high temperature expansion of the one-loop effective action of the space-time noncommutative \phi^4 theory by using the zeta function regularization in the imaginary time formalism (i.e., on S^1 x R^3). Interestingly enough, there are no mixed (non-planar) contributions to the counterterms as well as to the power-law high temperature asymptotics. We also study the Wick rotation and formulate assumptions under which the real and imaginary time formalisms are equivalent.

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