In this paper we present an exact finite-length analysis of frameless ALOHA that is obtained through a dynamical programming approach. Monte Carlo simulations are performed in order to verify the analysis. Two examples are provided that illustrate how the analysis can be used to optimize the parameters of frameless ALOHA. To the best of the knowledge of the authors, this is the first contribution dealing with an exact finite-length characterization of a protocol from the coded slotted ALOHA family of protocols.
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