The time evolution of the polarized luminescence is used to provide a
better understanding of the relaxation processes of excitons in quantu
m wells. We established and solved a coupled set of rate equations for
the exciton spin populations in which the spin relaxation mechanisms
include the exchange interaction and individual spin-flip of the elect
rons and holes. A time-dependent energy distribution for the excitons
is used to account for the thermalization effect. The dependence of th
e exchange-driven channel on a longitudinal electric field is shown to
be useful in determining its relative importance among various compet
ing spin relaxation channels.