Before revision:  Each iteration in the EPL sequence is consistent and asymptotically efficient, and iterating to convergence improves finite sample performance. For dynamic single-agent models, we show that Aguirregabiria and Mira's (2002, 2007) Nested Pseudo-Likelihood (NPL) estimator arises as a special case of EPL. In dynamic games, EPL maintains its efficiency properties , although NPL does not . And a convenient change of variable in the equilibrium fixed point equation ensures EPL iterationshave the same computational simplicity as NPL iterations .
After revision:  Each iteration in the EPL sequence is consistent and asymptotically efficient, so the first-order asymptotic properties do not vary across iterations .