We present a nonequilibrium kinetic theory describing atom-molecule population dynamics in a two-component Fermi gas with a Feshbach resonance. Key collision integrals emerge that govern the relaxation of the atom-molecule mixture to chemical and thermal equilibrium. Our focus is on the pseudogap regime where molecules form above the superfluid transition temperature. In this regime, we formulate a simple model for the atom-molecule population dynamics. The model predicts the saturation of molecule formation that has been observed in recent experiments, and indicates that a dramatic enhancement of the atom-molecule conversion efficiency occurs at low temperatures.
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