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We introduce the concept of dual Lyapunov exponents, leading to a multiplicative version of the classical Jensen’s formula for one-frequency analytic Schrödinger cocycles. This formula, in particular, gives a new proof and a quantitative version of the fundamentals of Avila’s global theory \cite{avila}, fully explaining the behavior of complexified Lyapunov exponent through the dynamics of the dual cocycle. In particular, concepts of (sub/super) critical regimes and acceleration are all explained (in a quantitative way) through the duality approach. This leads to a number of powerful spectral and physics applications

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