Exterior power operations on relative K-theory

We algebraically construct exterior power operations on higher relative algebraic K-groups and prove their desired properties such as the expected behaviour with respect to (tensor) products and composition. This builds on Grayson’s description of relative K-groups in terms of explicit generators and relations and on work by Harris, the first author and Taelman for (absolute) K-groups. Among the new features in our approach is the observation that the product axiom in the classical notion of a λ-ring is redundant.