On the multiplicities of the irreducible highest weight modules over   Kac-Moody algebras
  We prove that the weight multiplicities of the integrable irreducible highest weight module over the Kac-Moody algebra associated to a quiver are equal to the root multiplicities of the Kac-Moody algebra associated to some enlarged quiver. To do this, we use the Kac conjecture for indivisible roots and a relation between the Poincare polynomials of quiver varieties and the Kac polynomials, counting the number of absolutely irreducible representations of the quiver over finite fields. As a corollary of this relation, we get an explicit formula for the Poincare polynomials of quiver varieties, which is equivalent to the formula of Hausel. 
Sergey Mozgovoy