Let $O$ be a single-particle observable for a system, and $|L\rangle$ and $|R\rangle$ two orthonormal eigenstates of $O$. You may imagine that the system consists in two photons, and $|L\rangle$ and $|R\rangle$ represent some orthogonal polarization states of each photon.
Then what is the physical meaning of the operator $|L\rangle\langle L|$ (or $|R\rangle\langle R|$ for that matter)? Is it an observable on $H$? If so, what kind of observable is it? More precisely, what is its relation with respect to $O$, $|L\rangle$, or $|R\rangle$ from a physical point of view?
Relatedly, let $\hat{L} \equiv |L\rangle\langle L|$ and $\hat{L}^{2} \equiv \hat{L} \otimes I + I \otimes \hat{L} $. Then is it physically meaningful to think about the expected value of $L^{2}$ with respect to, say, $|L\rangle|L\rangle$? In other words, does $\langle L|\langle L|\hat{L}^{2}|L\rangle|L\rangle$ have any non-trivial physical meaning?
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