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Any exchangeable, time-homogeneous Markov processes on $$[k]^{\mathbb {N}}$$ [ k ] N with cadlag sample paths projects to a Markov process on the simplex whose sample paths are cadlag and of locally bounded variation. Furthermore, any such process has a de Finetti-type description as a mixture of independent, identically distributed copies of time-inhomogeneous Markov processes on ...
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