We derive the luminosity function and redshift distribution of short Gamma
Ray Bursts (SGRBs) using (i) all the available observer-frame constraints (i.e.
peak flux, fluence, peak energy and duration distributions) of the large
population of Fermi SGRBs and (ii) the rest-frame properties of a complete
sample of Swift SGRBs. We show that a steep ϕ(L)∝L−a with a>2.0
is excluded if the full set of constraints is considered. We implement a Monte
Carlo Markov Chain method to derive the ϕ(L) and ψ(z) functions
assuming intrinsic Ep-Liso and Ep-Eiso correlations or independent
distributions of intrinsic peak energy, luminosity and duration. To make our
results independent from assumptions on the progenitor (NS-NS binary mergers or
other channels) and from uncertainties on the star formation history, we assume
a parametric form for the redshift distribution of SGRBs. We find that a
relatively flat luminosity function with slope ~0.5 below a characteristic
break luminosity ~3×1052 erg/s and a redshift distribution of SGRBs
peaking at z~1.5-2 satisfy all our constraints. These results hold also if no
Ep-Liso and Ep-Eiso correlations are assumed. We estimate that, within ~200 Mpc
(i.e. the design aLIGO range for the detection of GW produced by NS-NS merger
events), 0.007-0.03 SGRBs yr−1 should be detectable as gamma-ray events.
Assuming current estimates of NS-NS merger rates and that all NS-NS mergers
lead to a SGRB event, we derive a conservative estimate of the average opening
angle of SGRBs: θjet~3-6 deg. Our luminosity function implies an
average luminosity L~1.5×1052 erg/s, nearly two orders of magnitude
higher than previous findings, which greatly enhances the chance of observing
SGRB "orphan" afterglows. Efforts should go in the direction of finding and
identifying such orphan afterglows as counterparts of GW events.Comment: 13 pages, 5 figures, 2 tables. Accepted for publication in Astronomy
& Astrophysics. Figure 5 and angle ranges corrected in revised versio