Zero sum game is a form of competition in which one or more parties must lose while one or more gains. Zero sum game is a political situation in which whatever is gained by one side is lost by the other so that the net change is always zero.
The Winners and Losers of the Zero-Sum Game: The
Origins of Trading Profits, Price Efficiency and Market Liquidity - Lawrence
Harris, USC Working Paper, May 1993.
Abstract: Trading is a zero-sum game when measured relative to underlying fundamental values. No trader can profit without another trader losing. People trade because they obtain external benefits from trading. These benefits include expected returns from holding securities, risk reduction from holding correlated assets and gambling entertainment.
Is War a Zero-Sum Game? Evidence from the U.S.
Marc D. Weidenmier, Claremont Colleges Working Papers.
Abstract: A new daily data set of Confederate cotton bonds trading in Liverpool is analyzed in conjunction with Union Greenback prices to asses the impact of war news on Civil War asset prices.
The empirical evidence analysis indicates the presence of a cointegrating relationship between Union Greenback prices and cotton bond prices after controlling for innovations in the cotton and bond markets.