We present a joint theoretical and experimental investigation of the absorption spectra of silver clusters Ag n ͑4 Յ n Յ 22͒. The experimental spectra of clusters isolated in an Ar matrix are compared with the calculated ones in the framework of the time-dependent density functional theory. The analysis of the molecular transitions indicates that the s-electrons are responsible for the optical response of small clusters ͑n Յ 8͒ while the d-electrons play a crucial role in the optical excitations for larger n values.
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