The polarization dependence of time-integrated and time-resolved degen
erate four-wave mixing on the 2D exciton transition in GaAs quantum we
lls demonstrates that heavy and light hole excitons cannot be describe
d in the framework of the two noninteracting three-level systems with
opposite circular polarization selection rules. Extensions of the mode
l taking into account many-body Coulomb interactions, implying local f
ield effects, excitation induced dephasing, the formation of biexciton
s, and disorder-induced coupling of excitonic states result in a very
good agreement between experimental data and theoretical predictions.