Starting from a Hubbard Hamiltonian for two bands, including exchange and hybridization, a formal theory of correlations is developed. The possibility of different order parameters is pointed out: magnetic, excitonic, and mixed order parameters. A specific model is discussed and the renormalized band structures of three representative states are calculated: The magnetic insulator, the excitonic insulator, and the correlated metal. A comparison of the energies of these states in given.
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H. Capellmann (1975) studied this question.
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