Alchourrón, Gärdenfors and Makinson have developed and investigated a set of rationality postulates which appear to capture much of what is required of any rational system of theory revision. This set of postulates describes a class of revision functions, however it does not provide a constructive way of defining such a function. There are two principal constructions of revision functions, namely an epistemic entrenchment and a system of spheres. We refer to their approach as the AGM paradigm. We provide a new constructive modeling for a revision function based on a nice preorder on models, and furthermore we give explicit conditions under which a nice preorder on models, an epistemic entrenchment, and a system of spheres yield the same revision function. Moreover, we provide an identity which captures the relationship between revision functions and update operators (as defined by Katsuno and Mendelzon).