The February 2008 issues of the Notices of AMS includes a three-page article by David Austin, professor of mathematics at Grand Valley State University, that explains how JPEG and JPEG2000 (J2K) compress image data. Austin also wrote an article in 2007 about JPEG entitled “Image Compression: Seeing What’s Not There.” Both article contain many formulas and are not for the mathematically challenged. Anyone, though, can glean useful information especially towards the end of each article, when he returns to looking at the big picture (no pun intended).
In talking about J2K, Austin notes that its "principal advantage lies in providing a much more flexible format for working with images in environments where the increased complexity [of the format] is not problematic." In other words, he is saying that one should not automatically choose J2K over JPEG. According to him, each have their advantages.
Thanks to Peter E. Murray for pointing out current article.
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