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lines changed Original file line number Diff line number Diff line change 465
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Notice that
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$$
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- \eqalign{ E(\pi_t | \pi_ {t-1}) & = \int \Bigl[ { \pi_ {t-1} f(w) \over \pi_ {t-1} f(w) + (1-\pi_ {t-1})g(w) } \Bigr]
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+ \begin{aligned}
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+ E(\pi_t | \pi_ {t-1}) & = \int \Bigl[ { \pi_ {t-1} f(w) \over \pi_ {t-1} f(w) + (1-\pi_ {t-1})g(w) } \Bigr]
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\Bigl[ \pi_ {t-1} f(w) + (1-\pi_ {t-1})g(w) \Bigr] d w \cr
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& = \pi_ {t-1} \int f(w) dw \cr
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- & = \pi_ {t-1}, \cr}
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+ & = \pi_ {t-1}, \cr
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+ \end{aligned}
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$$
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so that the process $\pi_t$ is a **martingale**.
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Applying the above formula to $\pi_\infty$, we obtain
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$$
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- E_ {-1} \pi_ \infty(\omega) = \pi_ {-1} \tag{20}
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+ E_ {-1} \pi_ \infty(\omega) = \pi_ {-1}
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$$
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where the mathematical expectation $E_{-1}$ here is taken with respect to the probability
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