In the context of recovering the term structure using indirect methods the term "parsimonious" means

It helps with the traders' phobia about taxes

It helps to reduce the risk of default

It is very precise and flexible because it has many parameters

It is less expensive and therefore preferred by some traders on a tight budget

It does not involve many parameters and therefore induces robustness and stability

The model parses the data and produces an accurate description of the term structure