We demonstrate theoretically the spontaneous formation of a stochastic polarization in exciton-polariton Bose-Einstein condensates in planar microcavities under pulsed excitation. Below the threshold pumping intensity (dependent on the polariton life
-time) the average polarization degree is close to zero, whilst above threshold the condensate acquires a polarization described by a (pseudospin) vector with random orientation, in general. We establish the link between second order coherence of the polariton condensate and the distribution function of its polarization. We examine also the mechanisms of polarization dephasing and relaxation.
