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I don't even know this fits in here or in Mathematics Stack Exchange, but let me ask. I'm new to simplicial stuff, so a good reference would be quite helpful. Let's say $C$ is a certain category, and ...

In ordinary category theory, the localization $C[S^{-1}]$ at a class of morphisms $S$ (with possibly some assumptions on $S$) is a category $C[S^{-1}]$ together with a map $L:C \to C[S^{-1}]$ such ...