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The decentralized receding horizon control (DRHC) of a team of cooperative vehicles with limited communication bandwidth is considered. It is well known that the more communication the better stability and performance properties of the cooperative vehicles; however, in reality the available communication is often limited. This motivates our research to develop a new algorithm for efficient usage of available communication capacity so that the teaming behavior is optimized. The proposed algorithm uses a bandwidth allocation method; the key idea is to reduce the overall mismatch between predicted and actual plans of each neighbor by efficient communication bandwidth allocation.