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The relation between CKLS model and CIR model will be investigatedin this paper. It will be shown that under a suitabletransformation, any CKLS model of order $\frac{1}{2} 1$ corresponds to a CIR model under a new probabilityspace. Moreover, the explicit solution and the precise distributionof the CKLS model at any time $t$ are obtained under the newprobability measure. The moment estimation of CKLS model will be given finally.

The Explicit Solution and Precise Distribution of CKLS Model under Girsanov Transform