64-bit Performance Advantages

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What is the source of the performance advantage 64-bit applications have over 32-bit applications? I'm assuming there is a performance advantage because programs like WinRAR advertise it.

Also, can we get these performance advantages simply by switching to a 64-bit compiler, or are there any changes in code that need to be made?

Answers related to both, unmanaged and managed code, are welcome.

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