A theory of exciton spin dynamics is given in terms of the exchange sp
in-flip mechanism taking full account of the confinement of the quantu
m well. Exciton spin relaxation belongs to the motional narrowing clas
s, with a characteristic inverse proportionality to the momentum scatt
ering time of the exciton center of mass. Analysis of the time depende
nce of optical intensities of both circular polarizations, including c
ompeting relaxation mechanisms from exciton exchange and from single-p
article spin flip into optically inactive states, leads to characteris
tic shapes reflecting their relative importance. The calculated well-w
idth dependence from our theory of the exciton spin relaxation leads t
o polarization intensities in good agreement with measurement. Theoret
ical electric and magnetic field dependences have yet to be tested aga
inst experiment.