Onsager-Machlup functional for $\text{SLE}_κ$ loop measures

Abstract: We relate two ways to renormalize the Brownian loop measure on the Riemann sphere. One by considering the Brownian loop measure on the sphere minus a small disk, known as the normalized Brownian loop measure; the other by taking the measure on simple loops induced by the outer boundary of the Brownian loops, known as Werner's measure. This result allows us to interpret the Loewner energy as an Onsager--Machlup functional for SLE$_\kappa$ loop measure for any fixed $\kappa \in (0, 4]$, and more generally, for any Malliavin--Kontsevich--Suhov loop measure of the same central charge.