In a recent paper Bender and Mannheim showed that the unequal-frequency
fourth-order derivative Pais-Uhlenbeck oscillator model has a realization in
which the energy eigenvalues are real and bounded below, the Hilbert-space
inner product is positive definite, and time evolution is unitary. Central to
that analysis was the recognition that the Hamiltonian HPU of the
model is PT symmetric. This Hamiltonian was mapped to a conventional
Dirac-Hermitian Hamiltonian via a similarity transformation whose form was
found exactly. The present paper explores the equal-frequency limit of the same
model. It is shown that in this limit the similarity transform that was used
for the unequal-frequency case becomes singular and that HPU becomes a
Jordan-block operator, which is nondiagonalizable and has fewer energy
eigenstates than eigenvalues. Such a Hamiltonian has no Hermitian counterpart.
Thus, the equal-frequency PT theory emerges as a distinct realization of
quantum mechanics. The quantum mechanics associated with this Jordan-block
Hamiltonian can be treated exactly. It is shown that the Hilbert space is
complete with a set of nonstationary solutions to the Schr\"odinger equation
replacing the missing stationary ones. These nonstationary states are needed to
establish that the Jordan-block Hamiltonian of the equal-frequency
Pais-Uhlenbeck model generates unitary time evolution.Comment: 39 pages, 0 figure