Definition - The likelihood that a particular word in a text will occur near another word.

Example -

(1) Whenever you read the word jot, the word tittle is highly likely to follow it (especially, if you're living in the 18th century).
(2) The verb perform is often used with somersault, but not with lecture: The professor performed a somersault. But not The professor performed a lecture.

Etymology -
The word derives from the Latin collocare, place together. It was introduced by J. R. Firth.

Oxford English Dictionary -
Its first citation in this sense is from 1951:
"I propose to bring forward as a technical term, meaning by ‘collocation’, and to apply the test of ‘collocability’."
( J. R. Firth in Ess. & Stud. IV. 123)

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