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Willem Buiter, the chief economist at Citigroup, presents two possible default outcomes.
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A no-deal exit is still the default outcome.
It is the default outcome, scheduled to occur automatically on March 29 if no one does anything more.
The potentially more dangerous default outcome is if Greece decides to leave or is forced to leave the euro, according to Mr. Buiter.
This result demonstrates the exact nature of commitment powers required by the principal: to design the default outcome and to ensure that she has almost no formal control over the agent's decisions.
The exact reason for the shift from parole approval to a "default" outcome of denial is not clear, but the paper speculates that breaks may replenish mental resources by providing "rest, improving mood or by increasing glucose levels in the body".
"While we recognize that both parties are strongly opposed to allowing sequestration to happen, we remain deeply concerned that sequestration could occur as the default outcome if negotiations fail," Marillyn A. Hewson, the chief executive of Lockheed Martin, told investors in January.
A sad coalition of extremes is coalescing to stop any deal: hard Brexiters, for whom compromise with the hated EU must be thwarted; fuelled by the knowledge that if no agreement commands a majority a no-deal Brexit becomes the default outcome; and ardent remainers who warned of the dangers of a cliff-edge Brexit, now hoping to defeat a deal and force a crisis to secure a second referendum.
The default outcome, then, is catastrophe".
The prime minister said the "default outcome" remained leaving the EU without a deal.
No deal is the legal default outcome in the absence of agreeing a deal or revoking Article 50.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com