We study the phase behavior of additive binary hard-sphere mixtures by direct computer simulation, using a new technique which exploits an analog of the Gibbs adsorption equation. The resulting phase diagrams, for size ratios q 0.2, 0.1, and 0.05, are in remarkably good agreement with those obtained from an effective one-component Hamiltonian based on pairwise additive depletion potentials, even in regimes of high packing (solid phases) and for relatively large size ratios (q 0.2) where one might expect the approximation of pairwise additivity to fail. Our results show that the depletion potential description accounts for the key features of the phase equilibria for q # 0.2.[S0031-9007(98)08128-9] PACS numbers: 64.75. + g, 82.70.Dd Understanding the stability of colloidal mixtures is relevant for many industrial applications, e.g., paint, ink, etc., but is also interesting from a fundamental statistical physics point of view [1]. Surprisingly, the phase behavior of even the simplest model colloid mixture, i.e., large and small hard spheres, is still not established and remains a topic of much debate. For instance, it is still unclear whether a (stable) fluid-fluid demixing transition exists for any additive binary hard-sphere mixture. The celebrated Percus-Yevick approximation [2] predicts no fluid spinodal instability, while other integral equation approximations do [3,4], although at completely different statepoints. Experiments on colloidal hard-sphere mixtures suggest that the demixing transition is strongly coupled to the freezing transition, although sedimentation effects preclude definite conclusions [5]. Theoretical approaches that consider both the fluid and solid phase have also been inconclusive. First, a phenomenological free volume theory predicts a fluid-fluid demixing transition that is metastable with respect to a broad fluid-solid coexistence region [6]. Here "broad" refers to the width of this coexistence region in terms of the difference between the packing fractions of the larger species in the two coexisting phases. Another scenario is reported in Ref. [7] where a virial expansion is used for the fluid phase and a density functional approximation for the solid. This yields a narrow freezing transition for q 0.1, a broad one for q 0.2, and a fluid-fluid spinodal instability at such high pressures that it is argued to be metastable. Yet another theoretical treatment predicts a narrow fluid-solid coexistence for q ! 0 [8]. The calculated phase behavior is thus very sensitive to the details of the approximations involved in the above approaches.An alternative approach to asymmetric binary hardsphere mixtures stems from the analogy with colloidpolymer mixtures. The properties of such mixtures have been described succesfully in terms of the so-called depletion potential f dep which arises between a pair of (large) colloidal particles due to the presence of a "sea" of (small) polymers. This depletion potential is essentially attractive, and was derived by Asakura and Oosawa and independently by ...