Before revision:  This is an analytically tractable model which has recently been introduced as an attempt to tackle one of the most serious shortcomings of the famous Black and Scholes option pricing model: the fact that it does not reproduce the volatility smile and skew effects which are commonly seen in observed price datafrom option markets.
After revision:  This is an analytically tractable model that reproduces the volatility smile and skew effects which are commonly seen in observed price datafrom option markets.