Planes don't crash all at once every few years and resume flying only when the airports renegotiated the basic laws of physics. What you are referring to as "re

Planes don't crash all at once every few years and resume flying only when the airports renegotiated the basic laws of physics. What you are referring to as "re-calibration" in planes and rockets is actually stochastic control and is a completely different topic to calibrating a stochastic model. But hey, I guess you like your metaphors like your risk models: incorrect. Wilmott covered model robustness and calibration frequency. Any time you have to adjust an unobserved term in your SDE (like market price of risk, for example) you are changing the model. So if your model has to be changed every x minutes else it gives wrong results, you're not "adjusting your inputs", you are just using T/x shitty models.