On reduced arc spaces of toric varieties

An arc space of an affine cone over a projective toric variety is known to be nonreduced in general. It was demonstrated recently that the reduced scheme structure of arc spaces is very meaningful from algebro-geometric, representation-theoretic and combinatorial points of view. In this paper we develop a general machinery for the description of the reduced arc spaces of affine cones over toric varieties. We apply our techniques to a number of classical cases and explore some connections with representation theory of current algebras.