By use of femtosecond differential absorption spectroscopy the electro
n-hole pair relaxation times have been determined in CdSe quantum dots
with excited state energies larger than the LO-phonon energy. The fas
t energy relaxation within 500 fs is independent of the relation betwe
en level spacing and LO-phonon energy and shows no bottleneck effect.
The population dynamics is mainly governed by the hole relaxation proc
ess. With increasing intensity, the formation of two-pair states (biex
citons) of various energies dominates the population dynamics due to t
he strong influence of Coulomb interaction in quantum dots even in the
strong confinement. At high pair densities, the created two-pair stat
es mediate a new relaxation path due to their stimulated decay into on
e photon and one electron-hole pair with lower energy.