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Consider $s(t)$ as the signal, $w(t)$ as the noise, and $y(t)$ as the captured signal. Usage of additive noise model, that is $y(t)=s(t)+w(t)$, is quite wide spread, example in speech and audio signal enhancement, and is also physically convincing to hypothesize. The convolutive noise model,that is $y(t)=s(t)\star w(t)$, where, delayed copies of the signal overlap together is another widespread model. A physically relevant scenario for this is reverberation modelling.
My question is - Is there a physical motivation to model noisy signal using multiplicative noise model, that is $y(t)=s(t)w(t)$? I am unable to think about any convincing physical domain examples where this happens in reality.