Luminous red galaxies (LRGs) are much rarer and more massive than L*
galaxies. Coupled with their extreme colours, LRGs therefore provide a
demanding testing ground for the physics of massive galaxy formation. We
present the first self-consistent predictions for the abundance and properties
of LRGs in hierarchical structure formation models. We test two published
models which use quite different mechanisms to suppress the formation of
massive galaxies: the Bower et al. (2006) model, which invokes AGN-feedback'' to prevent gas from cooling in massive haloes, and the Baugh et al. (2005) model which relies upon a superwind’’ to eject gas before it is turned into
stars. Without adjusting any parameters, the Bower et al. model gives an
excellent match to the observed luminosity function of LRGs in the SDSS (with a
median redshift of z=0.24) and to their clustering; the Baugh et al. model is
less successful in these respects. Both models fail to match the observed
abundance of LRGs at z=0.5 to better than a factor of ~2. In the models, LRGs
are typically bulge dominated systems with M* of ~2x10^11 h^{-1} M_sun and
velocity dispersions of ~250 km s^{-1}. Around half of the stellar mass in the
model LRGs is already formed by z~2.2 and is assembled into one main progenitor
by z~1.5; on average, only 25% of the mass of the main progenitor is added
after z~1. LRGs are predicted to be found in a wide range of halo masses, a
conclusion which relies on properly taking into account the scatter in the
formation histories of haloes. Remarkably, we find that the correlation
function of LRGs is predicted to be a power law down to small pair separations,
in excellent agreement with observational estimates. Neither the Bower et al.
nor the Baugh et al. model is able to reproduce the observed radii of LRGs.

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