In the present paper we study the multifractal spectrum of local entropies. We obtain results, similar to those of the multifractal analysis of pointwise dimensions, but under much weaker assumptions on the dynamical systems. We assume our dynamical system to be defined by an expansive homeomorphism with the specification property. We establish the variational relation between the multifractal spectrum and other thermodynamical characteristics of the dynamical system, including the spectrum of correlation entropies.
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