Abstract:The progress of strangeness physics at COSY in both experimental and theoretical aspects is reviewed. It is argued that the dynamics of hyperon production involves excitation of baryons and that it is feasible to study their properties such as mass and total width. It is shown that under certain kinematical cuts the resonance signal can be isolated from the effect due to the final state interaction. Recent puzzles concerning the Σ-hyperon production are discussed.
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