Option Adjusted Spread and Modeling Risk

Hi guys,

When doing some excercises I’ve met a question which stated something like this:

“The OAS represents compensation for credit risk, liquidity risk, and modeling risk.” The answer says that the statement is correct.

OAS adjusted spread is calculated via modeling future interest rates and options executions, all this is done via modelingt. Thus, how OAS can compansate for the modeling risk?