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Paul and Conradin do, in fact, have vivid imaginations.
Something else that they have in common is that both children are adversely affected by the environment created by the "parent" in the story.
In addition, their imaginations transform into obsessions. The obsessions become an outlet for each child, and each obsession changes the child, driven by an outside influence. (E.g., Paul is worried about money; Conradin is thwarted and controlled by his guardian.)
Lastly, each obsessive behavior ends with some kind of tragedy, but here the stories diverge in that Paul suffers in "The Rocking Horse Winner," while Conradin is vindicated--eerily--in "Sredni Vashtar."
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