This text teaches important theoretical models to help your students organize their investments. Your students will learn how to time investment decisions, analyze financial statements, and achieve successful investment results through a global outlook.

Kalman J. Cohen, Steven F. Maier, Robert A. Schwartz, David K. Whitcomb, Market Makers and the Market Spread: A Review of Recent Literature, The Journal of Financial and Quantitative Analysis, Vol. 14, No. 4, Proceedings of 14th Annual Conference of the Western Finance Association, June 21-23, 1979 (Nov., 1979), pp. 813-814+816-835

Beginning in the late 1950's, the federal government has supported several programs to develop commercial uses of space. Early on, the National Aeronautics and Space Administration (NASA) supported the development of several generations of communications satellites. In the 1970's, NASA developed the Space Shuttle which, although officially declared operational, still consumed much of NASA's budget in the 1980's. These projects exemplify a class of programs in which the government seeks to advance technology to serve specific commercial objectives. NASA may regard exploring and using space as a valid national goal, but both of these projects were justified externally on economic grounds-both would reduce costs of existing activities, and make possible new commercial activities. The two programs met different fates. The communications satellite program, after producing several important commercial advances, was killed in 1973. The Space Shuttle, despite cost overruns and performance underruns, survived political challenges and appears to be permanent. The purpose of this paper is to apply recent developments in the theory of policy decisions by elected officials to illuminate the adoption, implementation, performance, and ultimate fate of these programs.

The core theory of behavior in Economics, which structures inquiry and provides a framework for empirical analysis, is largely responsible for the success of the discipline. Behavioral Economics (BE) challenges this theory, but has failed to provide a coherent alternative. Consequently the influence of BE has been limited. In what follows we argue that Evolutionary Psychology (EP), suitably adapted, can provide at least a partial foundation for BE. Its methods offer a way of generating theories of the origins of anomalous behaviors and of testing those theories. I. Behavioral Economics BE has been most successful in documenting failures of the rational actor model (e.g. failures of expected utility theory, irrational cooperation, and time inconsistent preferences). However, attempts to incorporate these observations into theory have been ad hoc: either an anomalous behavior is induced by modifying the utility function or the behavior is simply assumed and implications derived. The lack of theoretical foundations causes a number of problems for BE. First, empirical analysis can show the inadequacy of mainstream theory, but it does little to help develop alternatives. Second, without a