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Nonlinear waves in dispersive media can be succeptible to modulational instabilities. We examine a category of scalar equations, with general dispersion and monomial nonlinearity, including a large variety of KdV-like equations. For small-amplitude traveling wave solutions, we provide a complete characterization of the spectrum near the origin of the linear operator obtained from linearizing about periodic traveling waves. We prove rigorously that, when the modulational instability is present, the spectrum connected to the origin consists of curves that invariably form a closed figure-eight pattern.

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