The model is mainly in use for actuarial work and asset liability management.
Because of the stochastic properties of that model it is mainly combined with Monte Carlo methods.
Wilkie first proposed the model in 1986, in a paper published in the Transactions of the Faculty of Actuaries.
[2][3] Wilkie himself updated and expanded the model in a second paper published in 1995.
[4] He advises to use that model to determine the "funnel of doubt", which can be seen as an interval of minimum and maximum development of a corresponding economic factor.