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This paper elaborates on the bulk/boundary relation between negative cosmological constant 3D gravity and Liouville field theory (LFT). We develop an interpretation of LFT non-normalizable states in terms of particles moving in the bulk. This interpretation is suggested by the fact that ``heavy’’ vertex operators of LFT create conical singularities and thus should correspond to point particles moving inside AdS. We confirm this expectation by comparing the (semi-classical approximation to the) LFT two-point function with the (appropriately regularized) gravity action evaluated on the corresponding metric.

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