A consistent theory of exciton interaction which affects the coherent excit
on spin dynamics and its dephasing is constructed. For the low-density exci
ton regime, the nonlinear equation for the exciton polarization adds to the
Gross-Pitaevskii equation spin-dependent correlation terms, permitting an
examination of the correlation effects on the optically excited spin dynami
cs. We apply the theory to investigate the collective spin oscillations und
er optical excitation. (C) 2000 Elsevier Science B.V. All rights reserved.