Hitting of a line or a half-line in the plane by two-dimensional symmetric stable Lévy processes (Q555021)

The author extends his previous results on two-dimensional Brownian motions. In the present article, he obtains for a symmetric \(\alpha\)-stable Lévy process \((X(t),Y(t))\) on \(\mathbb R^2\) with \(1<\alpha\leq 2\) and the local time \(L_Y(t)\) at 0 for \(Y(t)\) a multivariate asymptotic estimate. This estimate involves the first hitting time and place of the positive half of the \(X\)-axis as well as \(L_Y(\cdot)\) up to then. Let us emphasize that this multivariate estimate contains more information than its one-dimensional counterparts. The author's method of proof is based on the fluctuation identities for two-dimensional processes, and the same method is applicable to a wider class of processes. For now, the results are restricted to dimension 2. In the special case where \((X(0),Y(0))=(0,1)\), the law of the first hitting place of the whole \(X\)-axis is shown to have the explicit density \(\text{const}/\Psi(1,x)\) where \(\Psi\) is the characteristic exponent of the process. In the last section, the author treats the special case of independent stable processes with different stability indices.