AN ANALYTIC FORMULA AND AN UPPER BOUND FOR EPSILON' EPSILON IN THE STANDARD MODEL

Using the idea of the penguin box expansion we find an analytic expres sion for epsilon'/epsilon in the Standard Model as a function of m(t), m(s) (m(c)) and two non-perturbative parameters B-6(1/2) and B-8(3/2) . This formula includes next-to-leading QCD/QED short distance effects calculated recently by means of the operator product expansion and re normalization group techniques. We also derive an analytic expression for the upper bound on epsilon'/epsilon as a function Of \V(cb)\, \V(u b)/V(cb)\, B(K) and other relevant parameters. Numerical examples of t he bound are given.