Pair Density Wave in the Pseudogap State of High Temperature Superconductors

Recent scanning tunneling microscopy (STM) experiments of Bi$_{2}$Sr$_{2}$CaCu$_{2}$O$_{8+\delta}$ have shown evidence of real-space organization of electronic states at low energies in the pseudogap state. We argue based on symmetry considerations as well as model calculations that the experimentally observed modulations are due to a density wave of d-wave Cooper-pairs without global phase coherence. We show that STM measurements can distinguish a pair-density-wave from more typical electronic modulations such as those due to charge density wave ordering or scattering from an onsite periodic potential.