Fluorescence‐based organic light‐emitting diodes (OLEDs) using thermally activated delayed fluorescence (TADF) have increasingly attracted attention in research and industry. Even though the experimental realization of this concept has demonstrated promising external quantum efficiencies, the full potential of this approach has not yet been assessed. To this end, a comprehensive electro‐optical device model accounting for the full exciton dynamics, including triplet harvesting and exciton quenching is presented.

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