A stochastic flow arising in the study of local times (Q2575679)

A stochastic flow of homeomorphisms of \(R\) is shown to arise in the study of the local times of Brownian motion. Starting with a family of bi-continuous local times of the Brownian motion \(W\), \((l(t,x); t\geq 0, x\in R)\), a new process \((l(T_0,x), x\in R)\) is defined, where \(T_0\) is a stopping time of \(W\) for entering \(t=0\) when starting from \(\xi> 0\). The main result of this paper establishes a close connection between the description of \((W_t; 0\leq t\leq T_0)\) after conditioning on the entire family of random variables \((l(T_0,x); x\in R)\) and a stochastic flow of the Bass-Burdzy type. There are proved in detail several lemmata and propositions leading the reader to a better understanding of the main result. It is addressed to mathematicians working in the probability field.