CEV

CEV is an acronym that can refer to several unrelated concepts in different fields. The intended meaning is determined by context, and no single definition applies universally.

In finance, CEV stands for Constant Elasticity of Variance. The CEV model describes asset price dynamics in which volatility depends on the price level. A common representation is the stochastic differential equation dS_t = μ S_t dt + σ S_t^β dW_t, where β controls the elasticity of variance. When β equals 1, the model reduces to Black–Scholes; other values of β allow for volatility patterns seen in empirical data, such as leverage effects and volatility smiles.

In aerospace, CEV refers to the Crew Exploration Vehicle. In NASA’s Constellation program, the CEV was the planned crewed spacecraft intended to enable human exploration missions, including lunar missions. The concept contributed to the development that later evolved into contemporary crewed capsules used in subsequent programs.

In public health, CEV stands for Clinically Extremely Vulnerable. This designation was used during the COVID-19 pandemic to identify individuals at high risk of severe illness, who were often given targeted advice, shielding measures, and prioritized access to protective resources.

Other uses exist in various domains, reflecting the acronym’s broad applicability. As with many abbreviations, the exact meaning of CEV depends on the field and context, and additional information is usually required to determine the intended interpretation.