The density functional non-interacting susceptibility has been analyzed in different phases of CaFe2As2 and compared with similar data for pure d-metals. The conditions for the no local moment itinerant state with large frustrations are found for the collapsed phase (corresponding to superconducting phase). This itineracy determines the instability versus the incommensurate magnetic order for the narrow region of wave vectors. For the ambient pressure phase, the local moments on Fe atoms with much less frustrated antiferromagnetic interactions are stabilized and a magnetic short or long range order for all wave vectors is developed.
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