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Two variational formulations of the eddy‐current problem in a bounded domain are considered. The first is based on the scalar magnetic potential and the vector potential of eddy currents; the second on the scalar and vector magnetic potentials. For both formulations existence and uniqueness of exact and approximate (finite element‐Galerkin's) solutions are proved. The correlation between the error of approximation and the error of the finite element solution is established.

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