Type iii_λ refers to a specific class of von Neumann factors that are characterized by the presence of a faithful, normal, semi-finite trace, with the parameter $\\lambda$ representing a positive real number that indicates how the trace behaves with respect to the inclusion of projections. This classification is significant as it provides insight into the structure and representation theory of factors, particularly in distinguishing between different types of injective factors based on their traces and modular theory.
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