Abstract
We present an exact diagonalization study of the frequency and wave vector dependent conductivity in small clusters of model. Unlike the related dynamical density correlation function, in the underdoped regime has the exchange constant as its characteristic energy scale and is dominated by a resonance-like excitation with frequency . We interpret this as transition to a -like excited state of a spin-bag type quasiparticle (or, alternatively, a tightly bound spinon-holon pair) and show that a simple calculation based on the string picture explains the numerical results semiquantitatively. For doping levels remains the only energy scale of .
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