…two of the three traces contain a documented regime change, and the improvement in calibration error is concentrated entirely in those two…
…a held-out split assumes exchangeability, which any regime change violates by construction; the resulting calibration estimate is optimistic by a factor that grows with…
…the authors mention calibration once, in a footnote, and do not test whether the pricing regime change in 2023 affects their…
…we reproduce nine of eleven results. The two failures both involve calibration under a synthetic regime change, which suggests a seed-dependence the original…