Stationary-state quantum mechanics presents no difficulties in defining and computing discrete excited states because they obey the rules established in the properties of Hilbert space. However, when this idealization has to be abandoned to formulate a theory of excited states dissipating into a continuous spectrum, the problem acquires additional interest in many fields of physics. In this article, the theory of resonances in the continuous spectrum is formulated as a problem of decaying states, whose treatment can entail time-dependent as well as energy-dependent theories. The author focuses on certain formal and computational issues and discusses their application to polyelectronic atomic states. It is argued that crucial to the theory is the understanding and computation of a multiparticle localized wavepacket, ⌿ 0 , at t ϭ 0, having a real energy E 0 . Assuming this as the origin, without memory of the excitation process, the author discusses aspects of time-dependent dynamics, for t Ϸ 0 as well as for t 3 ϱ, and the possible significance of nonexponential decay in the understanding of time asymmetry. Also discussed is the origin of the complex eigenvalue Schrödinger equation (CESE) satisfied by resonance states and the state-specific methodology for its solution. The complex eigenvalue drives the decay exponentially, with a rate ⌫, to a good approximation. It is connected to E 0 via analytic continuation of the complex selfenergy function, A(z), (z is complex), into the second Riemann sheet, or, via the imposition of outgoing wave boundary conditions on the stationary state Schrödinger equation satisfied by the Fano standing wave superposition in the vicinity of E 0 . If the nondecay amplitude, G(t), is evaluated by inserting the unit operator I ϭ ͐dE|EϾϽE| G(t) ϭ Ͻ ⌿ 0 |e ϪiHt |⌿ 0 Ͼ, then the resulting spectral function is real, g(E) ϭ|Ͻ⌿ 0 |EϾ| 2 , and does not differentiate between positive and negative times. The introduction of time asymmetry, which is associated with irreversibility, is achieved by starting from Ͻ ⌿ 0 |(t)e ϪiHt |⌿ 0 Ͼ, where (t) is the step function at the discontinuity point t ϭ 0. In this case, the spectral function is complex. Within the range of validity of exponential decay, the complex spectral function is the same as the coefficient of ⌿ 0 in the theory of the CESE. A calculation of G(t) using the simple pole approximation and the constraints that t Ͼ 0 and E Ͼ 0 results in a nonexponential decay (NED) correction for t ӷ 1/⌫ that is different than when a real g(E) is used, representing the contribution of both "in" and "out" states. Earlier formal and computational work has shown that resonance states close to threshold are good candidates for NED to acquire nonnegligible magnitude. In this context, a pump-probe laser experiment in atomic physics is proposed, using as a paradigm the He Ϫ 1s2p