Properties of excitons in vertically coupled GaAs/AlGaAs quantum dots were investigated using the variational method within the envelope function and effective mass approximations. It was found that when the thickness of the spacer layer becomes less than about one exciton Bohr radius, both the exciton binding energy and the fundamental optical transition energy are reduced compared to those in isolated quantum dots. This is a result of increased space extension of exciton due to the penetration of carrier wave functions into the spacer layer and corresponding reduction in confinement energy which dominates over the Coulomb interaction between the electron and the hole.
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