  The purpose of this article is to describe all possible beliefs of market
participants on objective measures under Markovian environments when a
risk-neutral measure is given. To achieve this, we employ the Martin integral
representation of Markovian pricing kernels. Then, we offer economic and
financial implications of this representation. This representation is useful to
analyze the long-term behavior of the state variable in the market. The Ross
recovery theorem and the long-term behavior of cash flows are discussed as
applications.
