In this thesis we study the theory of entanglement among qubits, and derive a new limit on the
rate at which we may convert different forms of entanglement in an optimal way. In particular, we
prove that for an arbitrary three qubit state held by Alice, Bob and Charlie, the optimal probability to
distill a two qubit Bell pair held by Alice and Bob is the smaller of two numbers: the entanglement
between Alice and the Bob+Charlie system, and the entanglement between the Bob and Alice+Charlie system.
If one desires two qubit entanglement for a particular information processing task
where Bell pairs are needed (for example quantum state teleportation), but has for whatever reason
a source of three qubit entanglement, this result can help predict the feasibility of carrying out the
task.
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