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Long-lived indirect excitons (IXs) exhibit a rich phase diagram, including aBose-Einstein condensate (BEC), a Wigner crystal, and other exotic phases.Recent experiments have hinted at a new, "classical" liquid of IXs above theBEC transition. To uncover the nature of this phase, we use a broad range oftheoretical tools and find no evidence of a driving force towards classicalcondensation. Instead, we attribute the condensed phase to a quantumelectron-hole liquid (EHL), first proposed by Keldysh for direct excitons.Taking into account the association of free carriers into bound excitons, westudy the phase equilibrium between a gas of excitons, a gas of free carriers,and an EHL for a wide range of electron-hole separations, temperatures,densities, and mass ratios. Our results agree reasonably well with recentmeasurements of GaAs/AlGaAs coupled quantum wells.

A Pair of 2D Quantum Liquids: Investigating the Phase Behavior of Indirect Excitons