One major challenge to behavioral decision research is to identify the cognitive processes underlying judgment and decision making. Glöckner (2009) has argued that, compared to previous methods, process models can be more efficiently tested by simultaneously analyzing choices, decision times, and confidence judgments. The Multiple-Measure Maximum Likelihood (MM-ML) strategy classification method was developed for this purpose and implemented as a ready-to-use routine in STATA, a commercial package for statistical data analysis. In the present article, we describe the implementation of MM-ML in R, a free package for data analysis under the GNU general public license, and we provide a practical guide to application. We also provide MM-ML as an easy-to-use R function. Thus, prior knowledge of R programming is not necessary for those interested in using MM-ML.

The underpricing of initial public offerings (IPO) is a well-documented fact of empirical equity market research. Theories explain this underpricing with market imperfections. We study three empirically relevant IPO mechanisms under almost perfect market conditions in the laboratory: a stylized book building approach, a closed book auction, and an open book auction. We report underpricing in each of these IPO mechanisms. Uncertainty about the aftermarket behavior may partly explain IPO excess returns but underpricing persists even in the repeated setting where uncertainty is negligible and despite the equilibrium adjustment dynamics, that we observe in the data. The data reveal a market-wide impact of investors’ reluctance to sell in the aftermarket at a price below the offering price. We conclude that a behavioural bias similar to the disposition effect fosters IPO underpricing in our setting.

We analyze possible links between both trust and trustworthiness among Syrian refugees in Germany in relation to two different forms of social networking: bonding networks, which include only other Syrians, and bridging networks, which include people from the host country. Our results show that Syrians who engage in bonding networks show higher levels of trust and (un)conditional trustworthiness when interacting with a Syrian compared to a German participant. In turn, for refugees engaged in bridging networks, the positive discrimination refugees display towards their own peers decreases regarding trust and conditional trustworthiness and vanishes regarding unconditional trustworthiness. Newly arrived Syrian refugees tend to engage in bonding networks, whereas the length of stay and having a private home coincide with more bridging networks.