We study coherent photoassociation, phenomena analogous to coherent optical
transients in few-level systems, which may take place in photoassociation
of an atomic Bose-Einstein condensate but not in a nondegenerate gas. We de
velop a second-quantized Hamiltonian to describe photoassociation, and appl
y the Hamiltonian both in the momentum representation and in the position r
epresentation (field theory). The solution of the two-mode problem, includi
ng only one mode each for the atomic and molecular condensates, displays an
alogs of Rabi oscillations and rapid adiabatic passage. A classical version
of the field theory for atoms and molecules is used to demonstrate that, i
n the presence of photoassociating light, a joint atom-molecule condensate
is unstable against the growth of density fluctuations. Experimental compli
cations, including spontaneous emission and unwanted "rogue" photodissociat
ion from a photoassociated molecule, are analyzed. A two-color Raman scheme
is studied as a method to set up an effective two-mode scheme with reduced
spontaneous-emission losses. We discuss photoassociation rates and photoas
sociation Rabi frequencies for high-lying vibrational states in alkali dime
rs both on the basis of molecular-structure calculations, and by comparing
with an experiment [Wynar et al., Science 287, 1016 (2000)].