If I farm King Leoric over and over again, will I get the same drop rates every time? Or is there some kind of reductions on the drops after the first time?
The first time you kill a boss on Normal you have a higher chance of getting better items than any subsequent kill. Later difficulties and kills have a lowered chance.
"Later difficulties and kills have a lowered chance." I would also like to point out not just lowered but very, very low.
Myself and 3 other people cleared Nightmare setting and combined in total for all bosses (so effectivly loot from 4 full runs) we got 2 Yellow items 0 Gold 0 Green. We ofc got some yellows from champion mobs etc but bosses seem to have a lower drop rate than champions mobs. Got more chance getting yellows from rock piles than you do from bosses.