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The purpose of this paper is to describe a method for computing homotopy groups of the space of α-stable representations of a quiver with fixed dimension vector and stability parameter α. The main result is that the homotopy groups of this space are trivial up to a certain dimension, which depends on the quiver, the choice of dimension vector, and the choice of parameter. As a corollary we also compute low dimensional homotopy groups of the moduli space of α-stable representations of the quiver with fixed dimension vector, and apply the theory to the space of non-degenerate polygons in three-dimensional Euclidean space.