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versus a standard Generalised Black and Scholes model (if there are any?)

I have read the paper but I am not to sure about its practical implications as would people with more experience using this model.

Source: http://people.oregonstate.edu/~thomanen/Geo599/Schwartz_Miltersen.pdf

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Note that it is a very widely cited paper, not a crazy model coming from nowhere –  RockScience May 5 '14 at 4:30

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