In this paper, we consider a group of transformations of the space of trajectories of symmetric α-stable Levy laws with stability constant α ∈ [0; 2). For α = 0, the true analog of a stable Levy process (the so-called 0-stable process) is the gamma process, whose law is quasi-invariant under the action of the group of multiplicators $ \mathcal{M}\equiv \left\{ {{M_a}:a\geq 0,\,\log a\in {L^1}} \right\} $ ; the action of Ma on a trajectory ω(∙) is given by (Maω)(t) = a(t)ω(t). For every α < 2, an appropriate conjugacy transformation sends the group $ \mathcal{M} $ to the group $ {{\mathcal{M}}_a} $ of nonlinear transformations of trajectories, and the law of the corresponding stable process is quasi-invariant under this group. We prove that for α = 2, an appropriate change of coordinates reduces the group of symmetries to the Cameron-Martin group of nonsingular translations of trajectories of the Wiener process.
Read full abstract