Birational geometry of moduli spaces of perverse coherent sheaves on blow-ups

In order to study wall crossing formula of Donaldson type invariants on the blown-up plane, Nakajima-Yoshioka constructed a sequence of blow-up/blow-down diagrams connecting the moduli space of torsion free framed sheaves on projective plane, and that on its blow-up. In this paper, we prove that Nakajima-Yoshioka’s diagram realizes the minimal model program. Furthermore, we obtain a fully-faithful embedding between the derived categories of these moduli spaces.