The particle-hole (PH) symmetry of {\em electrons} is an exact symmetry of the electronic Hamiltonian confined to a specific Landau level, and its interplay with the formation of composite fermions has attracted much attention of late. This article investigates an emergent symmetry in the fractional quantum Hall effect, namely the PH symmetry of {\em composite fermions}, which relates states at composite fermion filling factors $\nu^*=n+\bar{\nu}$ and $\nu^*=n+1-\bar{\nu}$, where the integer $n$ is the $\Lambda$ level index and $0\leq \bar{\nu}\leq 1$. Detailed calculations using the microscopic theory of composite fermions demonstrate that for low lying $\Lambda$ levels (small $n$): (i) the 2-body interaction between composite-fermion particles is very similar, apart from a constant additive term and an overall scale factor, to that between composite-fermion holes in the same $\Lambda$ level; and (ii) the 3-body interaction for composite fermions is an order of magnitude smaller than the 2-body interaction. Taken together, these results imply an approximate PH symmetry for composite fermions in low $\Lambda$ levels, which is also supported by exact diagonalization studies and available experiments. This symmetry, which relates states at electron filling factors $\nu={n+\bar{\nu}\over 2(n+\bar{\nu})\pm 1}$ and $\nu={n+1-\bar{\nu}\over 2(n+1-\bar{\nu})\pm 1}$, is not present in the original Hamiltonian and owes its existence entirely to the formation of composite fermions. With increasing $\Lambda$ level index, the 2-body and 3-body pseudopotentials become comparable, but at the same time they both diminish in magnitude, indicating that the interaction between composite fermions becomes weak as we approach $\nu=1/2$.
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