Abstract
Extra hole and electron excitations are studied for the simplified Emery model on the basis of the perturbation expansion in the intercluster interaction. The undoped system is described by the hard antiferromagnetic state with localization of holes on the lower hybrid orbitals of clusters. An admixture of the triplet double-hole states of clusters in the lower excitation band of singlet nature indicates the limitation of the single-band mapping of the correlated Emery model excited states.
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