Abstract
A closed form version of the two-component exciton model is derived. Discussions of corrections for the Pauli exclusion principle, of the expected behavior of the residual two-body matrix elements, and of the relative merits of different types of reaction calculations within the exciton model are presented. Calculations verify the validity of the equal a priori probabilities assumption underlying exciton model calculations and demonstrate that the one- and two-component models produce very similar results when similar assumptions are made about the relative probabilities of exciting proton and neutron degrees of freedom.