Physically based hydrological models are increasingly used to simulate the impact of land use changes on water and mass transfers. The problems associated with this type of parameter-rich model from a water management perspective are related to the need for (1) a large number of local parameters...

In this essay, we empirically test the Constant–Elasticity-of-Variance (CEV) option pricing model by Cox (1975, 1996) and Cox and Ross (1976), and compare the performances of the CEV and alternative option pricing models, mainly the stochastic volatility model, in terms of European option...