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The probability that an event A will occur, when another event B is known to occur or to have occurred. It is commonly denoted by P(A|B).

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Why is posterior density proportional to prior density times likelihood function?

According to Bayes' theorem, $P(y|\theta)P(\theta) = P(\theta|y)P(y)$. But according to my econometric text, it says that $P(\theta|y) \propto P(y|\theta)P(\theta)$. Why is it like this? I don't get w …
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