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We establish the universal properties of the bicategory of polynomials, considering both cartesian and general morphisms between these polynomials. A direct proof of these universal properties would be impractical due to the complicated coherence conditions arising from polynomial composition; however, in this paper we avoid most of these coherence conditions using the properties of generic bicategories. In addition, we give a new proof of the universal properties of the bicategory of spans, and also establish the universal properties of the bicategory of spans with invertible 2-cells; showing how these properties may be used to describe the universal properties of polynomials.

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