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In this paper, we are concerned with the finite-length analysis of low-density parity-check (LDPC) codes when used over the binary erasure channel (BEC). The main result is an expression for the exact average bit and block erasure probability for a given regular ensemble of LDPC codes when decoded iteratively. We also give expressions for upper bounds on the average bit and block erasure probability for regular LDPC ensembles and the standard random ensemble under maximum-likelihood (ML) decoding. Finally, we present what we consider to be the most important open problems in this area.