We refine our algebraic axiomatization in [8,9] of epistemic actions and epistemic update (notions defined in [5,6] using Kripke-style semantics), to incorporate a mechanism for dynamic belief revision in a multiagent setting. We encode revision as a particular form of epistemic update, as a result of which we can revise with epistemic propositions as well as facts, we can also revise theories about actions as well as about states of the worlds, and we can do multi-agent belief revision. We show how our setting can be applied to a cheating version of the muddy children puzzle where by using this logic, after the cheating happens, honest children will not get contradictory beliefs.