Nonlinear semigroups and limit theorems for convex expectations

Abstract: Based on the Chernoff approximation, we provide a general approximation result for convex monotone semigroups which are continuous w.r.t. the mixed topology on suitable spaces of continuous functions. Starting with a family $(I(t)){t\geq 0}$ of operators, the semigroup is constructed as the limit $S(t)f:=\lim{n\to\infty}I(\frac{t}{n})^n f$ and is uniquely determined by the time derivative $I'(0)f$ for smooth functions. We identify explicit conditions for the generating family $(I(t)){t\geq 0}$ that are transferred to the semigroup $(S(t)){t\geq 0}$ and can easily be verified in applications. Furthermore, there is a structural link between Chernoff type approximations for nonlinear semigroups and law of large numbers and central limit theorem type results for convex expectations. The framework also includes large deviation results.