Abstract
Recent experiments strongly suggest that a Fermi surface reconstruction and multiple Fermi pockets are important common features of the underdoped high-temperature cuprate superconductors. A related theoretical work [Phys. Rev. B 79, 134512 (2009)] has demonstrated that a number of hallmark phenomena observed in the underdoped cuprates appear naturally in the scenario of a paired electron pocket co-existing with unpaired hole pockets. We propose Gutzwiller-projected wave-functions to describe this two-fluid state as well as two competing states in its vicinity. It is argued that a pseudogap state constructed from these wave-functions may be selected by energetics at finite temperatures due to spin fluctuations.
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