Quantum gravity and inventory accumulation

DOI10.1214/15-AOP1061zbMATH Open1359.60120arXiv1108.2241OpenAlexW2963346680MaRDI QIDQ504248FDOQ504248

Authors: Scott Sheffield 

Publication date: 13 January 2017

Published in: The Annals of Probability (Search for Journal in Brave)

Abstract: We begin by studying inventory accumulation at a LIFO (last-in-first-out) retailer with two products. In the simplest version, the following occur with equal probability at each time step: first product ordered, first product produced, second product ordered, second product produced. The inventory thus evolves as a simple random walk on Z^2. In more interesting versions, a p fraction of customers orders the "freshest available" product regardless of type. We show that the corresponding random walks scale to Brownian motions with diffusion matrices depending on p. We then turn our attention to the critical Fortuin-Kastelyn random planar map model, which gives, for each q>0, a probability measure on random (discretized) two-dimensional surfaces decorated by loops, related to the q-state Potts model. A longstanding open problem is to show that as the discretization gets finer, the surfaces converge in law to a limiting (loop-decorated) random surface. The limit is expected to be a Liouville quantum gravity surface decorated by a conformal loop ensemble, with parameters depending on q. Thanks to a bijection between decorated planar maps and inventory trajectories (closely related to bijections of Bernardi and Mullin), our results about the latter imply convergence of the former in a particular topology. A phase transition occurs at p = 1/2, q=4.

Full work available at URL: https://arxiv.org/abs/1108.2241

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zbMATH Keywords

Brownian motionrandom walksSchramm-Loewner evolutionscaling limitplanar mapLiouville quantum gravitycontinuum random treeFK random cluster modelinventory accumulation

Mathematics Subject Classification ID

Geometric probability and stochastic geometry (60D05) Interacting random processes; statistical mechanics type models; percolation theory (60K35) Random walks, random surfaces, lattice animals, etc. in equilibrium statistical mechanics (82B41) Sums of independent random variables; random walks (60G50) Brownian motion (60J65) Stopping times; optimal stopping problems; gambling theory (60G40) Stochastic (Schramm-)Loewner evolution (SLE) (60J67)

Cited In (52)

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• CLE PERCOLATIONS
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