Forbes contributors publish independent expert analyses and insights. Writes about the future of finance and technology, follow for more. Joint probability teaches us to calculate combined outcomes.

Learn how prior probability informs economic theory and decision-making in Bayesian statistics. Understand its role before collecting new data.

Clay Halton was a Business Editor at Investopedia and has been working in the finance publishing field for more than five years. He also writes and edits personal finance content, with a focus on ...