Structure of the number-projected BCS wave function

We study the structure of the number-projected BCS (PBCS) wave function in the particle-hole basis, displaying its similarities with coupled clusters theory (CCT). The analysis of PBCS together with several modifications suggested by the CCT wave function is carried out for the exactly solvable Richardson model involving a pure pairing Hamiltonian acting in a space of equally spaced, doubly degenerate levels. We point out the limitations of PBCS to describe the nonsuperconducting regime and suggest possible avenues for improvement.