Solution

ID: past-exam-of-the-probability-statistics-and-options-ii-course-of-the-university-of-oxford/2008/s/2/c/solution

A finite irreducible aperiodic Markov chain converges to its unique stationary distribution from every initial state. Finiteness holds because nonnegative entries with fixed finite row sums are bounded. The given connecting-sequence property makes the chain irreducible: each feasible step in such a sequence has positive proposal probability and is accepted. The all-zero index table occurs with probability and gives a self-loop at every state, establishing aperiodicity. Reversibility supplied the stationary uniform law in (b). Consequently
The conclusion also holds when the feasible state space is a singleton.

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