We present a detailed first-principles study which explores the configurational space along the relevant reactions and migration paths involving the formation and dissociation of interstitial carbon-oxygen complexes, $\mathrm{C_{i}O_{i}}$ and $\mathrm{C_{i}O_{2i}}$, in silicon. The formation/dissociation mechanisms of $\mathrm{C_{i}O_{i}}$ and $\mathrm{C_{i}O_{2i}}$ are found as occurring via capture/emission of mobile $\mathrm{C_{i}}$ impurities by/from O-complexes anchored to the lattice. The lowest activation energies for dissociation of $\mathrm{C_{i}O_{i}}$ and $\mathrm{C_{i}O_{2i}}$ into smaller moieties are 2.3 eV and 3.1 eV, respectively. The first is compatible with the observed annealing temperature of $\mathrm{C_{i}O_{i}}$ , which occurs at around 400 $^{\circ}$C, and below the threshold for $\mathrm{O_{i}}$ diffusion. The latter exceeds significantly the measured activation energy for the annealing of $\mathrm{C_{i}O_{2i}}$ ($E_{\mathrm{a}}=2.55$ eV). We propose that instead of dissociation, the actual annealing mechanism involves the capture of interstitial oxygen by $\mathrm{C_{i}O_{2i}}$, thus being governed by the migration barrier of $\mathrm{O_{i}}$ ($E_{\mathrm{m}}=2.53$ eV). The study is also accompanied by measurements of hole capture cross sections and capture barriers of $\mathrm{C_{i}O_{i}}$ and $\mathrm{C_{i}O_{2i}}$. In combination with previously reported data, we find thermodynamic donor transitions which are directly comparable to the first-principles results. The two levels exhibit close features, conforming to a model where the electronic character of $\mathrm{C_{i}O_{2i}}$ can be described by that of $\mathrm{C_{i}O_{i}}$ perturbed by a nearby O atom.
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