Before revision:  The pricing kernel, giving rise to the price system in an incomplete market, is modelled by weighted heat kernels that are driven by multivariate Markov processes and that provide enough degrees of freedom in order to calibrate to relevant data, e.g. to the term structure of bond prices.
After revision:  The pricing kernel, giving rise to the price system in an incomplete market, is modelled by weighted heat kernels that are driven by multivariate Markov processes and which provide enough degrees of freedom in order to calibrate to relevant data, e.g. to the term structure of bond prices.