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Equations relating neutron density, temperature, and excess multiplication of a nuclear reactor are transformed so as to be suitable for phase plane representation. The concepts of orbital, secular, and asymptotic stability are examined. The significance of each type of stability for reactor operation is discussed. Orbital stability is relevant for reactors whose stable states involve an oscillation of temperature (and neutron density); the other two types involve reactors whose stable states are constant temperatures and neutron density. The latter two types may also be required (for some special considerations) of a reactor possessing orbital stability.