  In this article, we consider the continuous analog of the celebrated
Mandelbrot star equation with lognormal weights. Mandelbrot introduced this
equation to characterize the law of multiplicative cascades. We show existence
and uniqueness of measures satisfying the aforementioned continuous equation;
these measures fall under the scope of the Gaussian multiplicative chaos theory
developed by J.P. Kahane in 1985 (or possibly extensions of this theory). As a
by product, we also obtain an explicit characterization of the covariance
structure of these measures. We also prove that qualitative properties such as
long-range independence or isotropy can be read off the equation.

Probability