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Wavelets are a popular tool for computational harmonic analysis. They provide localization in both the temporal (or spatial) domain as well as in the frequency domain A prominent feature is the ability to perform a multiresolution analysis (S. The wavelet transform of natural signals and images tends to have most of its energy concentrated in a small fraction of the coefficients. This sparse representation property is key to the good performance of wavelets in applications such as data compression and denoising. For example, the wavelet transform is a key component of the JPEG 2000 image compression standard.
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The Journal of Open Source Software
University of Cambridge
University of Cincinnati
Cincinnati Children's Hospital Medical Center
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Lee et al. (Fri,) studied this question.