First exit times for Lévy-driven diffusions with exponentially light jumps
Imkeller, Peter ; Pavlyukevich, Ilya ; Wetzel, Torsten
Ann. Probab., Tome 37 (2009) no. 1, p. 530-564 / Harvested from Project Euclid
We consider a dynamical system described by the differential equation Ẏt=−U'(Yt) with a unique stable point at the origin. We perturb the system by the Lévy noise of intensity ɛ to obtain the stochastic differential equation dXtɛ=−U'(Xt−ɛ) dt+ɛ dLt. The process L is a symmetric Lévy process whose jump measure ν has exponentially light tails, ν([u, ∞))∼exp(−uα), α>0, u→∞. We study the first exit problem for the trajectories of the solutions of the stochastic differential equation from the interval (−1, 1). In the small noise limit ɛ→0, the law of the first exit time σx, x∈(−1, 1), has exponential tail and the mean value exhibiting an intriguing phase transition at the critical index α=1, namely, ln Eσ∼ɛ−α for 0<α<1, whereas ln Eσ∼ɛ−1|ln ɛ|1−1/α for α>1.
Publié le : 2009-03-15
Classification:  Lévy process,  jump diffusion,  sub-exponential and super-exponential tail,  regular variation,  extreme events,  first exit time,  convex optimization,  60H15,  60F10,  60G17
@article{1241099921,
     author = {Imkeller, Peter and Pavlyukevich, Ilya and Wetzel, Torsten},
     title = {First exit times for L\'evy-driven diffusions with exponentially light jumps},
     journal = {Ann. Probab.},
     volume = {37},
     number = {1},
     year = {2009},
     pages = { 530-564},
     language = {en},
     url = {http://dml.mathdoc.fr/item/1241099921}
}
Imkeller, Peter; Pavlyukevich, Ilya; Wetzel, Torsten. First exit times for Lévy-driven diffusions with exponentially light jumps. Ann. Probab., Tome 37 (2009) no. 1, pp.  530-564. http://gdmltest.u-ga.fr/item/1241099921/