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We study two power allocation (PA) schemes for distributed transmit diversity systems. We first derive the performance of the instantaneous channel gain feedback-based PA (ICG-PA) scheme in the presence of channel variation during feedback delay. We then study channel gain variance feedback-based PA (CGV-PA) to mitigate the performance degradation of ICG-PA caused by feedback delay. Finally, we derive design rules for optimum CGV-PA from a compact and accurate performance expression derived.