  We report a comprehensive experimental study and detailed model analysis of
the terahertz dielectric response and density kinetics of excitons and unbound
electron-hole pairs in GaAs quantum wells. A compact expression is given, in
absolute units, for the complex-valued terahertz dielectric function of
intra-excitonic transitions between the 1s and higher-energy exciton and
continuum levels. It closely describes the terahertz spectra of resonantly
generated excitons. Exciton ionization and formation are further explored,
where the terahertz response exhibits both intra-excitonic and Drude features.
Utilizing a two-component dielectric function, we derive the underlying exciton
and unbound pair densities. In the ionized state, excellent agreement is found
with the Saha thermodynamic equilibrium, which provides experimental
verification of the two-component analysis and density scaling. During exciton
formation, in turn, the pair kinetics is quantitatively described by a Saha
equilibrium that follows the carrier cooling dynamics. The terahertz-derived
kinetics is, moreover, consistent with time-resolved luminescence measured for
comparison. Our study establishes a basis for tracking pair densities via
transient terahertz spectroscopy of photoexcited quasi-two-dimensional
electron-hole gases.
