Abstract
A microscopic model for the FeAs plane in the newly discovered Iron-based superconductors is proposed with the emphasis on the role of the orbital degeneracy between the Fe $3d_xz$ and $3d_yz$ orbital in the crystal field environment. The model predicts commensurate antiferromagnetic ordered ground state for the parent compounds and a d-wave superconducting ground state at finite doping. Inter-orbital couplings plays an interesting role in enhancing both orders. Correlated variational wave functions are proposed for both ordered phases.
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