update mytable a
set commission = ( select commission
from mytable b
where a.transaction = b.transaction
and b.event = 'row 2 event' ) // some value that selects row 2
where a.event = 'row 1 event' // some value that selects row 1
and a.transaction = 'specific transaction' // leave off for all transactions
From your comment I've reformatted the statement to be:
UPDATE PAYMENT a
SET COMMISSION= ( SELECT COMMISSION
FROM PAYMENT b
WHERE b.PAYMENT_SEQ = 3
AND a.transaction_ID = b.TRANSACTION_ID )
WHERE a.PAYMENT_SEQ = 1
AND a.TRANSACTION_ID = 1234
Why use IN(1234) when =1234 is simpler and gets the same result. You can just match a.transaction_id = b.transaction_id in the inner select so you don't have to repeat your 1234 transaction selection on the inner select.