Universal Persistence for Local Time of One-dimensional Random Walk

Abstract: We prove the power law decay

p (t, x) s i m t^{- p h i (x, b) / 2}

in which

p (t, x)

is the probability that the fraction of time up to

t

in which a random walk

S

of i.i.d. zero-mean increments taking finitely many values, is non-negative, exceeds

x

throughout

s i n [1, t]

. Here

p h i (x, b) = m a t h b b P (e x t L^{'} e v y (1 / 2, k a p p a (x, b)) < 0)

for

k a p p a (x, b) = f r a c s q r t 1 - x b - s q r t 1 + x s q r t 1 - x b + s q r t 1 + x

and

b = b_{S} g e q 0

measuring the asymptotic asymmetry between positive and negative excursions of the walk (with

b_{s} = 1

for symmetric increments).

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