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State space averaging methods are used to derive time-invariant models that bound the envelope of trajectories of pulsewidth modulated (PWM) dc-dc converters. The results are compared to conventional averaging methods used in power electronics, and it is shown that, at times, designing a dc-dc converter based on the averaged output of a converter can be ineffective because peak output values sometimes significantly deviate from the averaged output. This paper attempts to quantify this deviation by using both small-signal transfer functions and nonlinear models to model the maximum and minimum values of outputs of PWM converters. Issues in simulation and control loop design are also mentioned.