Competition, from the Latin composite word cum and peto—and sometimes also from cum and currere (“concurrence”) in the Roman languages, meaning “coming together”—describes a form of rule-governed interaction—often contrasted with monopolies, cooperation, or outright physical conflict—where at least two actors intentionally strive against each other to attain the same, scarce object. Different kinds of competition can be distinguished according to the object strived for. Thus, competition can exist among different political parties for votes, among different firms for market shares, among different men for one desirable woman, or among soccer clubs for the World Championship. In all of these cases, one can identify some main features defining competition that are spelled out first, using economic competition as a standard example. Competition is equally a normative ...

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