of priors characterizing the ex-ante preference, select
the measures assigning the maximum probability to the event E that has occurred, and
only update those. Gilboa and Schmeidler call this the maximum-likelihood update rule.
Note that their characterization result only covers preferences that are both MEU and
CEU; a characterization of maximum-likelihood updating for general MEU preferences
is not known.
Finally, Siniscalchi (2009a) defines and axiomatizes an updating rule for VEU prefer-
ences, which entails (i) updating the baseline prior in the usual way, and (ii) ...
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