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Europe is also the most plausible market for the big new gas field Russia plans to develop in the Arctic.
Modeling the asset's value involves drawing what we call an event tree, which shows the possible future values of the plant under plausible market scenarios.
Taking switching costs into account immediately narrows the extent of plausible market failures.The new theory needs to be qualified in another way, too.
A CCP shall develop scenarios of extreme but plausible market conditions.
A CCP shall develop scenarios of such extreme but plausible market conditions.
It shall subject the models to rigorous and frequent stress tests to assess their resilience in extreme but plausible market conditions and shall perform back tests to assess the reliability of the methodology adopted.
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The congested Place d'Armes is the closest that "Monaco-bas" gets to a main square, and is also equipped with a plausible produce market.
For example, if the macroeconomic scenario were to feature a substantial decline in house prices, it may seem plausible for the market shock to also feature a significant decline in market values of any securities that are closely tied to the housing sector or residential mortgages.
As such, it is a plausible model of market variance.
Is $14 million per year best explained as a remnant of managerial power or as the plausible result of market forces?
If you add a couple more pieces, you get a plausible theory of market structure dynamics in information technology (and as software eats the world, dynamics we can expect to see spreading well beyond IT).
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com