  Cyclic dominance of species has been identified as a potential mechanism to
maintain biodiversity, see e.g. B. Kerr, M. A. Riley, M. W. Feldman and B. J.
M. Bohannan [Nature {\bf 418}, 171 (2002)] and B. Kirkup and M. A. Riley
[Nature {\bf 428}, 412 (2004)]. Through analytical methods supported by
numerical simulations, we address this issue by studying the properties of a
paradigmatic non-spatial three-species stochastic system, namely the
`rock-paper-scissors' or cyclic Lotka-Volterra model. While the deterministic
approach (rate equations) predicts the coexistence of the species resulting in
regular (yet neutrally stable) oscillations of the population densities, we
demonstrate that fluctuations arising in the system with a \emph{finite number
of agents} drastically alter this picture and are responsible for extinction:
After long enough time, two of the three species die out. As main findings we
provide analytic estimates and numerical computation of the extinction
probability at a given time. We also discuss the implications of our results
for a broad class of competing population systems.
