A kinetic theory for incompressible dilute bubbly flow is presented. T
he Hamiltonian formulation for a collection of bubbles is outlined. A
Vlasov equation is derived for the one-particle distribution function
with a self-consistent field starting with the Liouville equation for
the N-particle distribution function and using the point-bubble approx
imation. A stability condition which depends on the variance of the bu
bbles momenta and the void fraction is derived. If the variance is sma
ll then the linearized initial-value problem is ill posed. If it is su
fficiently large, then the initial-value problem is well posed and a p
henomenon similar to Landau damping is observed. The ill-posedness is
found to be the result of an unstable eigenvalue, whereas the Landau d
amping arises from a resonance pole. Numerical simulations of the Vlas
ov equation in one dimension are performed using a particle method. So
me evidence of clustering is observed for initial data with small vari
ance in momentum.