Monoidal Bousfield Localizations and Algebras over Operads

We give conditions on a monoidal model category M and on a set of maps C so that the Bousfield localization of M with respect to C preserves the structure of algebras over various operads. This problem was motivated by an example due to Mike Hill which demonstrates that for the model category of equivariant spectra, preservation does not come for free, even for cofibrant operads. We discuss this example in detail and provide a general theorem regarding when localization preserves P-algebra structure for an arbitrary operad P. We characterize the localizations which respect monoidal structure and prove that all such localizations preserve algebras over cofibrant operads. As a special case we recover numerous classical theorems about preservation of algebraic structure under localization, and we recover a recent result of Hill and Hopkins regarding preservation for equivariant spectra. To demonstrate our preservation result for non-cofibrant operads, we work out when localization preserves commutative monoids and the commutative monoid axiom. Finally, we provide conditions so that localization preserves the monoid axiom.