What is a 'Joint Probability'
A joint probability is a statistical measure where the likelihood of two events occurring together and at the same point in time are calculated. Joint probability is the probability of event Y occurring at the same time event X occurs.
Notation for joint probability takes the form:
Next Up
BREAKING DOWN 'Joint Probability'
Joint probability is a measure of two events happening at the same time, and can only be applied to situations where more than one observation can be occurred at the same time.
For example, a joint probability can not be calculated when tossing a coin on the same flip. However, the joint probability can be calculated on the probability of rolling a 2 and a 5 using two different dice.
RELATED TERMS

Joint
A legal term describing a transaction or agreement where two ... 
Joint Endorsement
The type of endorsement that is required on any type of joint ... 
Addition Rule For Probabilities
A statistical property that states the probability of one and/or ... 
Joint Credit
Credit issued to two or more people based on their combined incomes, ... 
With Benefit Of Survivorship
A form of joint tenancy ownership where property passes to the ... 
Joint Float
Two or more countries agreeing to keep their currencies at a ...
Related Articles

Investing
What does Joint Venture Mean?
In a typical joint venture, two or more businesses agree to contribute capital and resources for a common project. Most often, that project produces something that earns revenue. 
Trading
Financial Forecasting: The Bayesian Method
This method can help refine probability estimates using an intuitive process. 
Investing
Estimating with Subjective Probability
Subjective probability is someoneâ€™s estimation that an event will occur. 
Managing Wealth
Joint Credit Cards: The Pros and Cons
A joint credit card may sound like an easy way to split the bills, but make sure you know what youâ€™re getting into first. 
Personal Finance
Should Married Taxpayers File Together?
Married couples that file a joint tax return can enjoy several credits and benefits that arenâ€™t available when filing separately. 
Investing
Scenario Analysis Provides Glimpse Of Portfolio Potential
This statistical method estimates how far a stock might fall in a worstcase scenario. 
Personal Finance
3 Ways to Manage Money as a Couple
Start your marriage off right: Decide how you will set up your accounts, create a household budget and donâ€™t forget savings and retirement. 
Investing
What are Mutually Exclusive Events?
In statistics, mutually exclusive situations involve the occurrence of one event that does not influence or cause another event. 
Retirement
Top Reasons to File Separately When Married
Usually couples file their taxes jointly, not separately. Except for these possible exceptions... 
Markets
Virtual Joint Venture: A New Model For US Businesses to Enter China?
Learn about virtual joint ventures and how these agreements may promote the entrance of American companies into China's vast markets.
RELATED FAQS

What are the primary disadvantages of forming a joint venture?
Learn the disadvantages to forming and maintaining a joint venture partnership, including factors business owners should ... Read Answer >> 
What are the primary advantages of forming a joint venture?
Learn how the advantages of entering into a joint venture make the business strategy an alternative to mergers and acquisitions ... Read Answer >> 
With death of my spouse in December 2015, can I still file jointly for 2015 like ...
Spouse and I have always completed a joint tax return, though we haven't needed to file for years with our low income. My ... Read Answer >> 
Do joint ventures need an exit strategy?
Understand why an exit strategy is important for a business partnership such as a joint venture, and learn the options partners ... Read Answer >> 
How are joint ventures regulated in the United States?
Learn how joint ventures are governed in the United States, and discover why tort law is so important for upholding the contracts ... Read Answer >> 
Will jointly filing taxes have the effect of joining a couple's credit?
The only thing that "joins" the credit of a married couple is the ownership of joint accounts. In other words, if there is ... Read Answer >>