Abstract
The usual least squares estimate of the transitional probability matrix of a finite Markov process is given for the case in which, for each point in time, only the proportions of the sample in each state are known. The purpose of this paper is to give another estimate of this matrix and to investigate the properties of this estimate. It is shown that this estimate is consistent and asymptotically more efficient than the previously considered estimate in a sense defined in this paper.

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