Abstract
Using the idea of the penguin box expansion we find an analytic expression for epsilon'/epsilon in the Standard Model as a function of m_t, m_s(m_c) and two non-perturbative parameters B_6 and B_8. This formula includes next-to-leading QCD/QED short distance effects calculated recently by means of the operator product expansion and renormalization group techniques. We also derive an analytic expression for the upper bound on epsilon'/epsilon as a function of |V_cb|, |V_ub/V_cb|, B_K and other relevant parameters. Numerical examples of the bound are given.
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