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A novel playout algorithm for VoIP applications is presented. The playout times of voice packets are calculated using adaptive estimation of network delays. In contrast to previous solutions, the weighting factor that controls the estimation process is dynamically adjusted according to the observed delay variations. This results in higher-quality estimates of network delays. With this algorithm, the trade-off between buffering delay and late packet loss at the receiver is significantly improved. Experimental results show that the new algorithm can achieve higher subjective call quality than the basic adaptive algorithm, as measured by the ITU-T E-model methodology.