Abstract
We propose a new approach to the pseudogap problem in cuprates. Hole-doped cuprates display a broad plateau in the susceptibility centered near . Competition between the softening of different -modes on this plateau leads to anomalously slow growth of magnetic correlations with reducing temperature -- i.e., extended ranges of short-range correlations. The plateau arises from competition between Fermi- surface nesting and a `hidden' Van Hove singularity (VHS) nesting, associated with a bulk contribution to the susceptibility. As such, the VHS contribution is not tied to the Fermi level but rather turns on near [where is the Fermi energy and the energy of the VHS peak]. Identifying can explain many characteristic features of the pseudogap, including the transport anomalies and the termination of the pseudogap when crosses the Fermi level.
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