The process of verifying how well a selected and calibrated model represents a certain empirically observed phenomenon is usually referred to as model validation. In areas where empirical phenomena are not directly observable, as in case of financial volatility, the problem of stochastic model validation remains perhaps one of the most elusive though practically relevant problems of the modern applied research. In particular, it is generally preferable to use some form of objective analysis to perform the model validation. In this study, the stochastic process that underlies dynamics of...