Loot in a party

How is loot from monster drops distributed in a party? Does everyone get the full loot or is it split between the party members?

The reason why i ask is this: I was farming some aldgoat skin to raise leatherworking. Of course, i wasn't the only one to do so, which ended in a competition for the goats. If you form a party with someone else killing the goats, does everyone get as much loot per goat as if he was alone, or does everyone only get half as much? So would it be beneficial for both to group up, or only for the one who is slower at killing them?

The person or party that claims the monster has a chance for loot, others won't no matter how much damage they deal on the monster. The loot is shared between party members (only one random person in party gets the loot). So partying isn't really beneficial in this situation.

ok, thanks

I've found if you party up to farm you get more drops as long as your party members give you all the drops but maybe it just seems that way. Took two guys a half hour to get 100+ aldgoat skins and another half hour to get 100+ Derimite webs, of course there was no one else farming them at that time on my server