Competitive arousal is when you experience a desire to beat rivals at any cost.
"This emotional state can lead to expensive mistakes in business decisions, including overpaying for acquisitions or managerial talent when other players enter the fray."
The drivers of competitive arousal are rivalry, time pressure, and the presence of an audience (or the spotlight). Manage those drivers to ensure that you are able to make better decisions.
-When Winning is Everything, Deepak Malhorta, Gillian Ku, and J. Keith Murnighan, HBR, May '08
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