We investigate the Feshbach conversion of fermionic atom pairs to condensed bosonic molecules with a microscopic model that accounts for the repulsive interactions among all the particles involved. We find that the conversion efficiency is enhanced by the interaction between bosonic molecules, while it is suppressed by the interactions between fermionic atoms and between atoms and molecules. In the adiabatic limit, the combined effect of these interactions can lead to a ceiling of less than 100% on the conversion efficiency for a narrow Feshbach resonance. Our theory agrees with the recent Rice experiment on 6 Li.

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