This paper investigates the discretization of mixed variational formulation as, e.g., the Stokes problem by means of the hp-version of the finite element method. The system of linear algebraic equations is solved by the preconditioned Bramble-Pasciak conjugate gradient method. The development of an efficient preconditioner requires three ingredients, a preconditioner related to the components of the velocity modes, a preconditioner for the Schur complement related to the components of the pressure modes and a discrezation by a stable finite element pair which satisfies the discrete inf-sup-condition. The last condition is also important in order to obtain a stable discretization scheme. The preconditioner for the velocity modes is adapted from fast $hp$-FEM preconditioners for the potential equation. Moreover, we will prove that the preconditioner for the Schur complement can be chosen as a diagonal matrix if the pressure is discretized by discontinuous finite elements. We will prove that the system of linear algebraic equations can be solved in almost optimal complexity. This yields quasioptimal hp-FEM solvers for the Stokes problems and the linear elasticity problems. The latter are robust with respect to the contraction ratio ν. The efficiency of the presented solver is shown in several numerical examples.
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