Reviews the book "Capital Expenditure Planning for Growth and Profit," by Pierre G. Bergeron.

The University of Colorado has established a program by which partners of national accounting firms will spend one or two semesters as a "Partner in Residence" to participate fully in the academic activities of the Accounting Division. The purpose of the program is to strengthen and professionalize accounting education. The burden of providing partner time is minimized for each firm by rotating the position among the participating firms. We have identified transitional periods in partners' careers where it would be feasible to participate in the program. The program offers mutual benefits to the students, accounting faculty, participating partners and their firms. At present seven firms agreed to participate in the Partner in Residence Program.

We consider dynamic choice behavior under conditions of uncertainty, with emphasis on the timing of the resolution of uncertainty.Choice behavior in which an individual distinguishes between lotteries based on the times at which their uncertainty resolves is axiomatized and represented, thus the result is choice behavior which cannot be represented by a single cardinal utility function on the vector of payoffs.Both descriptive and normative treatments of the problem are given and are shown to be equivalent.Various specializations are provided, including an extension of "separable" utility and representation by a single cardinal utility function.

The paper by Solomon and Corbit is regarded by many psychologists as the most successful attempt so far of providing a general theory capable of explaining both psychological addiction and some people's acquired taste for exposing themselves to extreme danger. Apart from the omission of two somewhat technical sections, in which the authors relate their hypothesis to Pavlovian conditioning, the paper is reprinted in full. It is the first of a series of articles: the one which presents the hypothesis and gives an overview of its applications. The subsequent articles contain accounts of experiments designed to test the hypothesis. The behavioral hypothesis is clearly one the postulate of consumer rationality cannot very well explain. Addiction, like externalities and non-convexities, is one of those awkward exceptions that do not fit into the economist's standard models. We might, perhaps, be excused for ignoring it, if addiction were confined to a few chemical substances and due to physiological causes; but there is a growing suspicion of its being a much more general phenomenon. The psychologists' motivation theory has a large overlap with our theory of consumer preference; the Solomon and Corbit article has been chosen as a good example of their approach to a problem we have not yet considered though are likely, sooner or later, to feel compelled to consider. The approach of the article differs from and should supplement that of the more general theory of motivation which is built around the concept of arousal and formed the core of Scitovsky's account of the psychologists' view of individual behavior.