The moduli space of quasistable spin curves

We study a compactification of the moduli space of theta characteristics, giving a modular interpretation of the geometric points and describing the boundary stratification. This space is different from the moduli space of spin curves. The modular description and the boundary stratification of the new compactification are encoded by a tropical moduli space. We show that this tropical moduli space is a refinement of the moduli space of spin tropical curves. We describe explicitly the induced decomposition of its cones.