A theory of degenerate four-wave mixing (DFWM) in the low density excitatio
n limit at the semiconductor band edge is developed on the basis of the bos
onic representation of the electron-hole Hamiltonian. By accounting for the
exciton-exciton interactions of the lowest order we arrive at the practica
l few-level density matrix description of the third-order excitonic nonline
arity. The developed theory accounts phenomenologically for the phase space
filling, and excitation induced dephasing effects and well reproduces the
results of the recent DFWM experiments in high- and low-fineness microcavit
y. We show that polarization-sensitive four-wave mixing measurements enable
to discriminate the contributions to the DFWM signal from the exciton-exci
ton interactions of different symmetry.