On Open/Closed String Duality

It was recently shown, using the AdS/CFT correspondence, that the low energy effective action of a large $N$ open string theory satisfies a holographic RG flow equation closely related to the Hamilton-Jacobi equation of 5-d supergravity. In this paper we re-obtain the same flow equation in the dual regime of small 't Hooft coupling $\lambda \ll 1$. Our derivation makes use of the conformal equivalence between planar open string diagrams and closed string tree diagrams. This equivalence can be viewed as a microscopic explanation of the open/closed string duality that underlies the AdS/CFT correspondence.