Let $Y_t$ be a stochastic process defined by $Y_t := M_t - W_t$, where $W_t$ is the Wiener process and $M_t := \max_{0 \leq u \leq t} W_u$.
Does $Y_t$ have independent increments?
Let $Y_t$ be a stochastic process defined by $Y_t := M_t - W_t$, where $W_t$ is the Wiener process and $M_t := \max_{0 \leq u \leq t} W_u$.
Does $Y_t$ have independent increments?