A Self-consistent Model of Evaporating Black Holes

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We analyze the time evolution of a spherically-symmetric collapsing matter from the point of view that black holes evaporate by nature. We obtain a self-consistent solution of the semi-classical Einstein equation. The solution indicates that the collapsing matter forms a dense object and evaporates without horizon or singularity, and it has a surface but looks like an ordinary black hole from the outside. Any object we recognize as a black hole should be such an object. In the case of stationary black holes that are formed adiabatically in the heat bath, the area law is reproduced by integrating the entropy density over the interior volume. This result implies that the information is stored inside the object.