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The dynamics of competition between schools have been scarcely investigated. Most of the available studies address scenarios of educational quasi-markets. Thus, less attention has been paid to the dynamics of competition in real markets, such as the one shaped by private schools. This is a particularly propitious space to deepen the critical examination of the promises of market theories because of the lesser presence of regulations and greater resources available. Drawing on interviews with 32 headteachers, we inquired about the competitive strategies of these schools in Santiago (Chile) and found a wide range of practices that have not been previously described in research concerning quasi-markets. Results are used to scrutinize the assumptions of competition in educational markets.