Positronium decay rates are computed at the one-loop level, using
convolution-type factorized amplitudes. The dynamics of this factorization is
probed with dispersion relations, showing that unallowed approximations are
usually made, and some ordre alpha^2 corrections missed. Further, we discuss
the relevance of the Schrodinger wavefunction as the basis for perturbative
calculations. Finally, we apply our formalism to the parapositronium two-photon
decay.Comment: LaTeX, 13 pages, 1 eps figur
