In this report, I surveyed physics potential of the γγ option of a linear e +e − collider with the following questions in mind: What new discovery can be expected at a γγ collider in addition to what will be learned at its ‘ parent’ e +e − linear collider? By taking account of the hard energy spectrum and polarization of colliding photons, produced by Compton back-scattering of laser light off incoming e − beams, we find that a γγ collider is most powerful when new physics appears in the neutral spin-zero channel at an invariant mass below about 80% of the c.m. energy of the colliding e −e − system. If a light Higgs boson exists, its properties can be studied in detail, and if its heavier partners or a heavy Higgs boson exists in the above mass range, they may be discovered at a γγ collider. CP property of the scalar sector can be explored in detail by making use of linear polarization of the colliding photons, decay angular correlations of final state particles, and the pattern of interference with the Standard Model amplitudes. A few comments are given for SUSY particle studies at a γγ collider, where a pair of charged spinless particles is produced in the s-wave near the threshold. Squark-onium may be discovered. An e ±γ collision mode may measure the Higgs- Z-γ coupling accurately and probe flavor oscillations in the slepton sector. As a general remark, all the Standard Model background simulation tools should be prepared in the helicity amplitude level, so that simulation can be performed for an arbitrary set of Stokes parameters of the incoming photon beams.
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