High-T-c superconductors are considered as composite systems made up of iti
nerant electrons and localized bipolarons trapped in unstable ligand config
urations, responsible for triggering a charge exchange between the two spec
ies. As a consequence, the intrinsically localized bipolarons become itiner
ant upon lowering the temperature and eventually condense into a superfluid
state. Concomitantly a pseudogap in the density of states of the electrons
opens up, deepens upon decreasing the temperature and finally develops int
o a true gap as superconductivity sets in. The photo-emission spectral prop
erties exhibit a large, broad, incoherent contribution coming from the phon
on shake-off of the bipolarons. (C) 1998 Elsevier Science Ltd. All rights r
eserved.