We discuss the quantum statistical properties of exciton polaritons in semiconductor microcavities. The nonlinear dynamics is treated within a model of interacting bosons for the signal, pump, and idler modes. We focus on the regime of parametric amplification below threshold. We present the time evolution of the signal and idler modes towards their stationary solutions and discuss their statistical properties. In particular, we evaluate the amount of squeezing of the radiation emitted out of the microcavity in a configuration, which may be relevant for experiments.
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