Theoretical Economics 14 (2019), 1–14

We characterize prior-by-prior Bayesian updating using a model proposed by Gilboa, Maccheroni, Marinacci and Schmeidler (2010) that jointly considers objective and subjective rationality. These rationality concepts are subject to the Bewley unanimity rule and maxmin expected utility, respectively, with a common set of priors and the same utility over consequences. We use this setup with two preference relations to develop a novel rationale for full Bayesian updating of maxmin expected utility preferences

Keywords: Dynamic consistency, full Bayesian updating, incomplete preferences, objective rationality, subjective rationality, maxmin expected utility, multiple priors

JEL classification: D81