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The dynamic behavior of a reservation system with a slotted ALOHA reservation channel is analyzed in this paper. It is assumed that each user handles one message at a time and that each message consists of a group of packets with a general probability distribution for group size. An approximate Markovian model of the system is developed on the assumption that the state transition can occur only at the beginning of each frame. The model is analyzed by an approximate analytical technique called equilibrium point analysis. The throughput and average message delay characteristics are obtained, and the system stability behavior is demonstrated. A procedure is also given to get the optimum set of system parameters under constraint that the system is stable.