We construct an analytic theory of many-body localization (MBL) in random spin chains. The approach is based on a first quantized perspective in which MBL is understood as a localization phenomenon on the high dimensional lattice defined by the discrete Hilbert space of the clean system. We construct a field theory on that lattice and apply it to discuss the stability of a weak disorder (`Wigner-Dyson) and a strong disorder (`Poisson) phase.
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