The time evolution of the extremely diluted Blume-Emery-Griffiths neural network model is studied, and a detailed equilibrium phase diagram is obtained exhibiting pattern retrieval, fluctuation retrieval and self-sustained activity phases. It is shown that saddle-point solutions associated with fluctuation overlaps slow down considerably the flow of the network states towards the retrieval fixed points. A comparison of the performance with other three-state networks is also presented.
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