Abstract
We present a microscopic theory of the equilibrium polariton condensate state of a semiconductor quantum well in a planar optical cavity. The theory accounts for the adjustment of matter excitations to the presence of a coherent photon field, predicts effective polariton-polariton interaction strengths that are weaker and condensate exciton fractions that are smaller than in the commonly employed exciton-photon model, and yields effective Rabi coupling strengths that depend on the detuning of the cavity photon energy relative to the bare exciton energy. The dressed quasiparticle bands that appear naturally in the theory provide a mechanism for electrical manipulation of polariton condensates.