the situation in which observing one event does not provide any additional information about the occurrence or outcome of another event. For example, the outcome of a coin flip and the Dow Jones Industrial Average are independent events, whereas the temperatures of two consecutive days are not necessarily independent. Formally, two events,
A and
B, are independent if the probability of event
A is the same as the conditional probability of event
A given event
B, that is,
P(A) = P(A|B), or equivalently,
P(B) = P(B|A). Compare
dependent events.