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ramsyam said:the better one comes what the Constraint is
if you consider in terms of power fsk is better compared to psk
but when the bandwidth is the Constraint psk is better compared to fsk
if we increase the constellation the problem is with the detection
while detecting the energy between the signals would be very less when we increase the constellation here comes the need to increase the power for detecting correctly
so everything is interlinked and atlast you have to go for a compromise in increasing the constellation such as power capacity of the transmission system and the error that you would allow