We employ the Pariser-Parr-Pople (PPP) Hamiltonian to calculate the three lowest polarizabilities ($alpha@, $beta and $gamma@) of Octatetraene. By applying a strong static electric field, the molecule undergoes a significant structural change, which affects the optical polarizabilities. We find that these polarizabilities can be described using a small number of charge fluctuation modes. We further relate the magnitude and sign of these polarizabilities with some coarse features of the ground state reduced single electron density matrix, which in turn is directly related to the chemical bonding.
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