Before revision: When ambiguous beliefs are represented by multiple priors, a decision maker (DM)'s updating rule may also include a step of refining the initial belief  . Maximum Likelihood (ML) updating indicates one example of such a refinement, whereas Full Bayesian (FB) updating does not allow for any refinement. In fact, ML and FB are the two extremes of refining beliefs with likelihoodin updating .
After revision: When ambiguous beliefs are represented by multiple priors, a decision maker (DM)'s updating rule may also include a step of refining the initial belief . Maximum Likelihood (ML) updating indicates one example of such a refinement, whereas Full Bayesian (FB) are the two extremes of refining beliefs with likelihoodin updating .