Stopping times are hitting times: a natural representation
arXiv:1112.1603 · doi:10.1016/j.spl.2012.09.024
Abstract
There exists a simple, didactically useful one-to-one relationship between stopping times and adapted càglàd (LCRL) processes that are non-increasing and take the values 0 and 1 only. As a consequence, stopping times are always hitting times.