Event-by-event fluctuations in ultrarelativistic heavy-ion collisions

Motivated by forthcoming experiments at RHIC and LHC, we study event-by-event fluctuations in ultrarelativistic heavy-ion collisions in participant nucleon as well as thermal models. The calculated physical observables, including multiplicity, kaon to pion ratios, and transverse momenta agree well with recent NA49 data at the SPS, and indicate that such studies do not yet reveal the presence of new physics. Finally, we present a simple model of how a first order phase transition can be signaled by very large fluctuations.