Before revision: When ambiguous beliefs are represented by multiple priors, updating such a belief may also include refining of the initial belief by discarding some of the priors. Maximum Likelihood (ML) and Full Bayesian (FB) are the two extremes of refining beliefs based on likelihood. To capture behaviors between these two extremes, this paper proposes a new updating rule: Relative Maximum Likelihood (RML) updating .
After revision: This paper proposes and axiomatizes a new updating rule: Relative Maximum Likelihood (RML) updating .