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The main aspect of several multimedia applications is the transmission of variable bit rate (VBR) video streams requiring high bandwidth with stringent quality of service (QoS) guarantee. In such systems, a statistical bandwidth estimation is relevant for network infrastructure planning and admission control. In this paper, an original algorithm for aggregate bandwidth estimation, needed by a given number of correlated video streams, is proposed and analyzed. The obtained analytical results are validated by simulation and compared with other numerical results already present in the literature, discussing the effectiveness of the proposed solution.