Is it possible to open multiple sessions / instances of R2015b? This was a very convenient capability in R2014b.
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A clean upgrade of the OS to "El Capitan" resolved the issue. Multiple instances are now provided. Perhaps the problem was caused by corruption of my Mavericks installation.
A R2014b license is compatible with older versions, so if you upgrade your license to R2014b, you will still be able to use R2014a: Polyspace, like other MathWorks products, use backward-compatible licenses.
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