Diversity versus Channel Knowledge at Finite Block-Length

We study the maximal achievable rate R*(n, \epsilon) for a given block-length n and block error probability \epsilon over Rayleigh block-fading channels in the noncoherent setting and in the finite block-length regime. Our results show that for a given block-length and error probability, R*(n, \epsilon) is not monotonic in the channel's coherence time, but there exists a rate maximizing coherence time that optimally trades between diversity and cost of estimating the channel.