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June 14, 2024 

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DEFAULT RISK: The probability that a borrowing agent will not pay in full the agreed interest and/or principal. A default risk can be assigned to any bond or loan agreement. Of course, there are some instruments considered default-risk-free, that is, instruments for which the probability that a borrowing agent will not pay is zero. The most noted examples are the U.S. Treasury securities, which have virtually no default risk because the U.S. government guarantees that all the principal and interest will be repaid. When calculating the risk premium on financial instruments, investors use default-risk-free instruments for comparison.

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AXIOM: A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions, including personal beliefs, political views, and cultural values, that form the foundation of a theory. These axioms can not be verified with real world data, and as such are largely accepted on faith. Belief in a supreme, omnipotent, omniscience being is one such axiom. The notion that people are basically good (or bad) is another. The presumption that the universe abides by cause-and-effect relationships is a key axiom for science.

     See also | assumption | theory | world view | cause and effect | science | scientific method | economic analysis |


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MANAGERIAL BEHAVIOR

A preference for maintaining the status quo over changing it based on relatively greater satisfaction generated by redundant information over novel information. Managerial behavior is well suited for keeping an existing business and complex organizations running smoothly and efficiently. This behavior is inclined to manage, to administer, and to apply existing rules and procedures. An alternative is entrepreneurial behavior, which is a preference for changing the status quo over maintaining it.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for rusty deck screws.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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