Before revision: In the case where beliefs are ambiguous and represented by multiple priors, a decision maker (DM)'s updating behavior may also include a revision and refinement of her initial belief, a process which is absent from the Bayesian updating. As known in the literature, Maximum Likelihood (ML) updating provides one method of such refinement.
After revision: In the case where beliefs are ambiguous and represented by multiple priors, a decision maker (DM)'s updating behavior may also include a step of refining the initial belief. Maximum Likelihood (ML) updating provides one method of such refinement.