A contraction mapping is a function that brings points closer together in a metric space, satisfying the condition that there exists a constant 'k' (0 < k < 1) such that the distance between the images of any two points is less than 'k' times the distance between the points themselves. This property leads to the existence and uniqueness of fixed points, which are essential in understanding fixed points in complete lattices and in the process of iteration to find these points.
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