Semiconductor photoluminescence is discussed under incoherent excitation co
nditions and the effects due to bound excitons are studied self-consistentl
y. Due to the composite electron-hole nature of bound states, the exciton n
umber operator has a dominant fermionic part which cannot be neglected when
luminescence is analyzed. As a result, the emission from the Coulomb corre
lated electron-here plasma and possible exciton populations is shown to be
qualitatively similar under the excitation conditions investigated.