Stochastic Volterra equations for the local times of spectrally positive stable processes

This paper is concerned with the evolution dynamics of local times of a spectrally positive stable process in the spatial direction. The main results state that conditioned on the finiteness of the first time at which the local time at zero exceeds a given value, the local times at positive half line are equal in distribution to the unique solution of a stochastic Volterra equation driven by a Poisson random measure whose intensity coincides with the Lévy measure. This helps us to provide not only a simple proof for the Hölder regularity, but also a uniform upper bound for all moments of the Hölder coefficient as well as a maximal inequality for the local times. Moreover, based on this stochastic Volterra equation, we extend the method of duality to establish an exponential-affine representation of the Laplace functional in terms of the unique solution of a nonlinear Volterra integral equation associated with the Laplace exponent of the stable process.