= Default intensity
{title2=$G(t)=\exp(-\int_0^t\lambda(u)du)$}
In a deterministic-intensity model, $\lambda(t)$ is the instantaneous conditional <default> rate given survival and $G(t)$ is the survival <probability>. Risk-neutral intensity is calibrated for pricing and can differ from the physical intensity used for forecasting losses. More general stochastic-intensity models condition on the underlying filtration and require joint <expectations> with discounting and recovery.
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