Step 1: Analyzing the equation.
In the equation \( P = P_0 e^{\alpha (-\alpha t^2)} \), the exponential function must be dimensionless. Therefore, the argument of the exponential, \( -\alpha t^2 \), must also be dimensionless. This implies that \( \alpha \) has the dimension of \( T^{-2} \).
Step 2: Conclusion.
The constant \( \alpha \) must have the dimension of \( T^{-2} \). Therefore, the correct answer is (3).