A New Integrable Equation with Peakon Solutions

We consider a new partial differential equation recently obtained by Degasperis and Procesi using the method of asymptotic integrability; this equation has a form similar to the Camassa–Holm shallow water wave equation. We prove the exact integrability of the new equation by constructing its Lax pair and explain its relation to a negative flow in the Kaup–Kupershmidt hierarchy via a reciprocal transformation. The infinite sequence of conserved quantities is derived together with a proposed bi-Hamiltonian structure. The equation admits exact solutions as a superposition of multipeakons, and we describe the integrable finite-dimensional peakon dynamics and compare it with the analogous results for Camassa–Holm peakons.