The first explanation of the attraction between noble gas atoms was given by Fritz London in 1930. He used a quantum-mechanical theory based on second-order perturbation theory. The perturbation is because of the Coulomb interaction between the electrons and nuclei of the two moieties (atoms or molecules). The second-order perturbation expression of the interaction energy contains a sum over states. The states appearing in this sum are simple products of the stimulated electronic states of the monomers. Thus, no intermolecular antisymmetrization of the electronic states is included, and the Pauli exclusion principle is only partially satisfied.
London wrote a Taylor series expansion of the perturbation in , where  is the distance between the nuclear centers of mass of the moieties.
This expansion is known as the multipole expansion because the terms in this series can be regarded as energies of two interacting multipoles, one on each monomer. Substitution of the multipole-expanded form of V into the second-order energy yields an expression that resembles an expression describing the interaction between instantaneous multipoles (see the qualitative description above). Additionally, an approximation, named after Albrecht Unsöld, must be introduced in order to obtain a description of London dispersion in terms of polarizability volumes, , and ionization energies, , (ancient term:  ionization potentials).
In this manner, the following approximation is obtained for the dispersion interaction  between two atoms  and .  Here  and  are the polarizability volumes of the respective atoms. The quantities  and  are the first ionization energies of the atoms, and  is the intermolecular distance.
Note that this final London equation does not contain instantaneous dipoles (see molecular dipoles). The "explanation" of the dispersion force as the interaction between two such dipoles was invented after London arrived at the proper quantum mechanical theory. The authoritative work contains a criticism of the instantaneous dipole model and a modern and thorough exposition of the theory of intermolecular forces.
The London theory has much similarity to the quantum mechanical theory of light dispersion, which is why London coined the phrase "dispersion effect". In physics, the term "dispersion" describes the variation of a quantity with frequency, which is the fluctuation of the electrons in the case of the London dispersion.