Using a simple model problem and two subdomains, we explained multitrace formulations and a naturally associated iterative method of domain decomposition type. Using the formalism of Dirichlet to Neumann operators, we showed that for a particular choice of the relaxation parameter in the multitrace iteration, a combined sequence of an unrelaxed Dirichlet-Neumann and Neumann-Dirichlet algorithm is obtained. Our analysis also indicates good choices for the relaxation parameter in the multitrace iteration, which was confirmed by numerical experiments.
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