The solution properties of two water-soluble polymers, poly(acrylic acid) (PAA), covalently labeled with the fluorescent hydrophobic dye naphthalene (Np), have been investigated in water:organic solvent mixtures. The naphthalene chromophores have been randomly attached, onto the polymer, with two different degrees of labeling. Fluorescence measurements (steady-state and time-resolved) have been used to follow the photophysical behavior of the polymers and consequently report on the self-association of the polymers in the mixed organic (methanol or dioxane): aqueous solutions. The emission spectra of the high-labeled Np PAA reveal the presence of monomer and excimer bands whereas with the low-labeled polymer only monomer emission is observed. The excitation spectra collected at the monomer and excimer emission bands show significant differences, depending on the water content of the mixture, which indicate the simultaneous presence of preformed and dynamic dimers as routes to excimer formation. The time-resolved data decay profiles of the high-labeled polymer in the mixtures were always triple exponential whereas in pure methanol and dioxane they follow biexponential laws. The data in the mixtures are consistent with two types of monomers and one excimer. Both monomers are able to give rise to excimer in the excited state, one type involving the movement of long distant Np chromophores and the other involving a local reorientation of adjacent Np chromophores. These correspond to different decay times: (1) a long which corresponds to the long distant approach of nonneighboring Np chromophores forming an excimer and (2) a short corresponding to the fast adjustment of two neighboring Np chromophores in order to have the adequate parallel geometry. An additional decay time corresponding to the excimer decay was found to be present at all wavelengths. All the decay times were dependent on the water content of the mixture. An estimation of the two excimer forming rate constants values is made for the mixed media considered in this work. On the whole, using both steady-state and time-resolved fluorescence parameters, and by comparing data for a polymer with a small number of hydrophobes with a more highly modified one, it is possible in great detail to demonstrate how association is controlled by solvent quality for the hydrophobes and by the distance between hydrophobes.