  We discuss the dynamics of an atomic Bose-Einstein condensate when pairs of
atoms are converted into molecules by single-color photoassociation. Three main
regimes are found and it is shown that they can be understood on the basis of
time-dependent two-body theory. In particular, the so-called rogue dissociation
regime [Phys. Rev. Lett., 88, 090403 (2002)], which has a density-dependent
limit on the photoassociation rate, is identified with a transient regime of
the two-atom dynamics exhibiting universal properties. Finally, we illustrate
how these regimes could be explored by photoassociating condensates of
alkaline-earth atoms.
