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Limited wavelength conversion and deflection routing are considered as viable methods to reduce the burst blocking probability in optical burst switched (OBS) networks. The question of which of the two methods is most effective has yet to be resolved. In this paper, an analytical model is derived that provides an accurate and quick means to evaluate and compare the effectiveness of limited wavelength conversion and deflection routing. First, an overflow load fixed point approximation model is derived for a single link in isolation. Then the single link model is integrated into a reduced load fixed point approximation model for a general network topology with deflection routing. The accuracy of the analytical model is verified through simulation.