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We establish that the quadratic non-linear Schr"odinger equation where , is locally well-posed in when and ill-posed when . Previous work of Kenig, Ponce and Vega had established local well-posedness for . The local well-posedness is achieved by an iteration using a modification of the standard spaces. The ill-posedness uses an abstract and general argument relying on the high-to-low frequency cascade present in the non-linearity, and a computation of the first non-linear iterate.

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