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This paper provides a scalable framework for analysis and performance evaluation of optical burst-switching (OBS) networks. In particular, a new reduced load fixed point approximation model to evaluate blocking probabilities in OBS networks is introduced. The model is versatile enough to cover known OBS reservation policies such as just-enough-time, just-in-time, burst segmentation, and route-dependent priorities. The accuracy of the model is confirmed by simulation and the various policies are compared.