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lines changed Original file line number Diff line number Diff line change 465465Notice that
466466
467467$$
468- \eqalign{ E(\pi_t | \pi_ {t-1}) & = \int \Bigl[ { \pi_ {t-1} f(w) \over \pi_ {t-1} f(w) + (1-\pi_ {t-1})g(w) } \Bigr]
468+ \begin{aligned}
469+ E(\pi_t | \pi_ {t-1}) & = \int \Bigl[ { \pi_ {t-1} f(w) \over \pi_ {t-1} f(w) + (1-\pi_ {t-1})g(w) } \Bigr]
469470 \Bigl[ \pi_ {t-1} f(w) + (1-\pi_ {t-1})g(w) \Bigr] d w \cr
470471& = \pi_ {t-1} \int f(w) dw \cr
471- & = \pi_ {t-1}, \cr}
472+ & = \pi_ {t-1}, \cr
473+ \end{aligned}
472474$$
473475
474476so that the process $\pi_t$ is a **martingale**.
547549Applying the above formula to $\pi_\infty$, we obtain
548550
549551$$
550- E_ {-1} \pi_ \infty(\omega) = \pi_ {-1} \tag{20}
552+ E_ {-1} \pi_ \infty(\omega) = \pi_ {-1}
551553$$
552554
553555where the mathematical expectation $E_{-1}$ here is taken with respect to the probability
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