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We present a measure of quantum entanglement which is capable of quantifying the degree of entanglement of a multi-partite quantum system. This measure, which is based on a generalization of the Schmidt rank of a pure state, is defined on the full state space and is shown to be an entanglement monotone, that is, it cannot increase under local quantum operations with classical communication and under mixing. For a large class of mixed states this measure of entanglement can be calculated exactly, and it provides a detailed classification of mixed states.
We present an analytical formula for the asymptotic relative entropy of entanglement for Werner states of arbitrary dimensionality. We then demonstrate its validity using methods from convex optimization. This is the first case in which the value of a subadditive entanglement measure has been obtained in the asymptotic limit. This formula also gives the sharpest known upper bound on the distillable entanglement of these states.