We apply the new formulation of heavy quark effective field theory (HQEFT) to
the inclusive decays of bottom hadrons. The long-term ambiguity of using heavy
quark mass or heavy hadron mass for inclusive decays is clarified within the
framework of the new formulation of HQEFT. The 1/mb order corrections are
absent and contributions from 1/mb2 terms are calculated in detail. This
enables us to reliably extract the important CKM matrix element ∣Vcb∣ from
the inclusive semileptonic decay rates. The resulting lifetime ratios
τ(Bs0)/τ(B0) and τ(Λb)/τ(B0) are found to well agree
with the experimental data. We also calculate in detail the inclusive
semileptonic branching ratios and the ratios of the τ and β decay
rates as well as the charm countings in the B0, Bs0 and Λb
systems. For B0 decays, all the observables are found to be consistent with
the experimental data. More precise data for the B0 decays and further
experimental measurements for the Bs0 and Λb systems will be very
useful for testing the framework of new formulation of HQEFT at the level of
higher order corrections.Comment: 20 pages, RevTex, 8 figures, 3 tables, revised version with `dressed
heavy quark' being addressed, to be published in Int. J. Mod. Phys.