Before revision:  First, the optimal 1-MD estimator is optimal in the class of K-MD estimators for all K . In other words, additional policy iterations do not provide asymptotic efficiency gains relative to the optimal 1-MD estimator.
After revision:  First, the optimal 1-MD estimator is optimal in the class of K-MD estimators . In other words, additional policy iterations do not provide asymptotic efficiency gains relative to the optimal 1-MD estimator.