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An iterative scheme for the Dynamical Systems Method (DSM) is given such that one does not have to solve the Cauchy problem occuring in the application of the DSM for solving ill-conditioned linear algebraic systems. The novelty of the algorithm is that the algorithm does not have to find the regularization parameter by solving a nonlinear equation. Numerical experiments show that DSM competes favorably with the Variational Regularization.

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