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A detailed treatment of reactor kinetics is given. The kinetic equations are derived from a diffusion‐Fermi age model. An iterative technique and a matrix method are discussed as possibilities for obtaining solutions. The relationship between the solutions with and without delayed neutrons is pointed out. The concept of stability is discussed for the system which includes the delayed neutrons. The similarity of the treatment here to that used in other branches of mathematical physics (especially quantum mechanics) is noted.