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We consider the problem of dynamic bandwidth allocation (DBA) for Ethernet passive optical networks (EPONs), subject to requirements of fairness, efficiency, and cost. The traffic from the access side is aggregated at ONUs and mapped to different classes of service queues. We employ credit pooling technique, together with weighted-share policy, that enables the OLT to partition the upstream bandwidth among different classes, and to prevent ONUs from monopolizing the bandwidth. We propose a packet scheduling algorithm, referred to as COPS (Class-of-service Oriented Packet Scheduling) that meets our requirements set out above. We compare COPS with a well-known scheduling algorithm which employed a standard priority-based scheduling, and we show that COPS is superior in terms of network utilization and maximum packet delay.