The ground state of the van der Waals-type lanthanide dimer Yb-2 has been s
tudied by means of relativistic energy-consistent ab initio pseudopotential
s using three different core definitions. Electron correlation was treated
by coupled-cluster theory, whereby core-valence correlation effects have be
en accounted for either explicitly by correlating the energetically highest
coreorbitals or implicitly by means of an effective core-polarization pote
ntial. Results for the first and second atomic ionization potentials, the a
tomic dipole polarizability, and the spectroscopic constants of the molecul
ar ground state are reported. Low-lying excited states have been investigat
ed with spin-orbit configuration interaction calculations. It. is also demo
nstrated for the whole lanthanide series that correlation effects due to th
e atomic-like, possibly open 4f-shell in lanthanides can be modeled effecti
vely by adding a core-polarization potential to pseudopotentials attributin
g the 4f-shell to the core.