We report, theoretically and experimentally, how polarization fluctuat
ions in vertical-cavity semiconductor lasers are affected by optical a
nisotropies. We develop a spin-eliminated (class A) description of las
er polarization and show how the various model parameters can be extra
cted from the experimental data. In practice, the linear anisotropies
are often much stronger than the nonlinear anisotropies, so that the p
olarization modes defined by the linear anisotropies form a useful bas
is. For this case we derive a one-dimensional model for polarization n
oise, with simple expressions for the relative strength of the polariz
ation fluctuations and the rate of polarization switches. For the othe
r, more extreme, case where the nonlinear anisotropies are as strong (
or even stronger) than the linear anisotropies, the spin-eliminated de
scription remains valid. However, in this case the concept of polariza
tion modes is shown to lose its meaning, as a strong four-wave-mixing
peak appears in the optical spectrum and polarization fluctuations bec
ome highly nonuniform. [S1050-2947(98)06311-2].