(And, of course, first theory could be improved using the next 10 data points by Bayes' rule, which will give a candidate for being the second theory. This new theory can even disagree with the first on which value of particular data point is most likely.)
David D. Friedman asks:
One of the commenters links to Overcoming Bias, but as of 11PM on Sep 28th, David's blog's time, no one has given the exact answer that I would have given. It's interesting that a question so basic has received so many answers.