The predictions of local realistic theories for the observables concerning
the evolution of a K0Kˉ0 quantum entangled pair (created in the decay
of the ϕ-meson) are discussed. It is shown, in agreement with Bell's
theorem, that the most general local hidden-variable model fails in reproducing
the whole set of quantum-mechanical joint probabilities. We achieve these
conclusion by employing two different approaches. In a first one the local
realistic observables are deduced from the most general premises concerning
locality and realism, and Bell-like inequalities are not employed. The other
approach makes use of Bell's inequalities. Within the former scheme, under
particular conditions for the detection times, the discrepancy between quantum
mechanics and local realism for the time-dependent asymmetry turns out to be
not less than 20%. The same incompatibility can be made evident by means of a
Bell-type test by employing both Wigner's and (once properly normalized
probabilities are used) Clauser-Holt-Shimony-Holt's inequalities. Because of
the relatively low experimental accuracy, the data obtained by the CPLEAR
collaboration for the asymmetry parameter do not allow for a decisive test of
local realism. Such a test, both with and without the use of Bell's
inequalities, should be feasible in the future at the Frascati Φ-factory.Comment: 36 pages, 4 figure