We show that if the normalized partition function $W^{ \beta}_n$ of the directed polymer model on $\mathbb Z^d$ converges to zero, then it does so exponentially fast. This implies that there exists a critical value $\beta_c$ for the inverse temperature such that the normalized partition function has a non-degenerate limit for all $\beta\in [0,\beta_c]$ -- weak disorder holds -- while for $\beta\in (\beta_c,\infty)$ it converges exponentially fast to zero -- very strong disorder holds. This solves a twenty-years-old conjecture formulated by Comets, Yoshida, Carmona and Hu. Our proof requires a technical assumption on the environment, namely, that it is bounded from above.
Categories: math.PR math-ph math.MP