"Through the open door came the thuds and occasional clangs of a horseshoe game, and now and then the sound of voices raised in approval or derision."chapter 3, page 38, Penguin Books
This word is a noun that means contemptuous or jeering laughter; ridicule.
Derision can also be used as an object of ridiule. So, derision can refer to the thing that is being laughed at.
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