Four-wave-mixing (FWM) experiments using a dynamical density matrix mo
del of the semiconductor band edge are discussed. Higher-order correla
tion functions are retained which are neglected in the commonly used R
PA treatment leading to the semiconductor Bloch equations. In order to
terminate the hierarchy of the equations of motion for the higher-ord
er density matrices systematically a truncation scheme controlled by o
rders in the driving field is applied. For any prescribed order n in t
he exciting field a closed set of equations is obtained from which the
dielectric response up to order n can be calculated exactly. In addit
ion it turns out that in a coherently driven system part of the remain
ing density matrices become redundant and can be eliminated. Four-wave
-mixing experiments are dominated by third-order contributions. Applyi
ng the above-described results one ends up with only two functions in
this case. These are the excitonic and the biexcitonic transition dens
ities. As an application of our method the example of a GaAs single qu
antum well is studied. Two pulses with finite lengths are assumed such
that both heavy-acid light-hole excitons are excited. The influence o
f the biexciton contribution on the polarization properties of the FWM
signal is analyzed and compared with experimental results.