The microscopic approach for studying the half-filled state of the fractional quantum Hall effect is based on the idea of proposing a trial Fermi wave function of the Jastrow-Slater form, which is then fully projected onto the lowest Landau level. A simplified starting point is to drop the projection operator and to consider an unprojected wave function. A recent study claims that such a wave function approximated in a Jastrow form may still constitute a good starting point on the study of the half-filled state. In this paper we formalize the effective hypernetted-chain approximation and apply it to the unprojected Fermi wave function, which describes the even-denominator-filling states. We test the above approximation by using the Fermi hypernetted-chain theory, which constitutes the natural choice for the present case. Our results suggest that the approximation of the Slater determinant of plane waves as a Jastrow wave function may not be a very accurate approximation. We conclude that the lowest Landau-level projection operator cannot be neglected if one wants a better quantitative understanding of the phenomena. © 1999 The American Physical Society.