In this paper, we will establish a discrete-time version of Clark(-Ocone-Haussmann) formula, which can be seen as an asymptotic expansion in a weak sense. The formula is applied to the estimation of the error caused by the martingale representation. In the way, we use another distribution theory with respect to Gaussian rather than Lebesgue measure, which can be seen as a discrete Malliavin calculus.

We introduce the class of controlled Loewner-Kufarev equations and consider aspects of their algebraic nature. We lift the solution of such a controlled equation to the (Sato)-Segal-Wilson Grassmannian, and discuss its relation with the tau-function. We briefly highlight relations of the Grunsky matrix with integrable systems and conformal field theory. Our main result is the explicit formula which expresses the solution of the controlled equation in terms of the signature of the driving function through the action of words in generators of the Witt algebra.

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First we introduce the two tau-functions which appeared either as the τ -function of the integrable hierarchy governing the Riemann mapping of Jordan curves or in conformal field theory and the universal Grassmannian. Then we discuss various aspects of their interrelation. Subsequently, we establish a novel connection between free probability, growth models and integrable systems, in particular for second order freeness, and summarise it in a dictionary. This extends the previous link between conformal maps and large N -matrix integrals to (higher) order free probability. Within this context of dynamically evolving contours, we determine a class of driving functions for controlled Loewner-Kufarev equations, which enables us to give a continuity estimate for the solution to such equations when embedded into the Segal-Wilson Grassmannian.