Abstract. A dispersive Landau-fluid model is used to study the decay and modulational instabilities of circularly-polarized Alfvén waves in a collisionless plasma, as well as their nonlinear developments. Comparisons are presented with the drift-kinetic approximation for the dispersionless regime and with hybrid simulations in more general conditions. The effect of the nature of the instability on particle heating is discussed, together with the formation of coherent structures or the development of an inverse cascade.