Launch of the AXA - NUS Project on Biology of Decision making under risk

The AXA Research Fund Awards its First Grant in Asia to NUS for a Study on the Biology of Decision Making Under Risk

AXA Research Fund, a major and innovative initiative of scientific philanthropy
supported by the worldwide insurance group AXA, is awarding 517,000 Euros
(S$904, 079) over a period of 3 years, to the National University of Singapore (NUS)
to undertake a research project on the “Biology of Decision Making under Risk”. This
marks the first time the AXA Research Fund has awarded a grant to a university in
Asia.

The research project seeks a deeper understanding of the biological mechanisms
underpinning individual differences in how people take risks by bringing together
methodologies from behavioral and experimental economics and the biological
sciences. The study will generate quantitative phenotypes that can propel advances
in understanding the molecular architecture of human decision making in a risky
environment.

The research study will be led by Prof Richard P. Ebstein and Prof Chew Soo Hong
of NUS’ Department of Psychology and Department of Economics respectively.
John R. Dacey, CEO of AXA Japan-Asia-Pacific Region and Member of the AXA
Group Executive Committee, declared: “I am very pleased to announce the first
Asian grant by the AXA Research Fund to the National University of Singapore, for
an outstanding and innovative research project led by Professor Ebstein and
Professor Chew.
“As a global leader in insurance business, AXA actively promotes the understanding
and prevention of risks. We are convinced that basic research is essential for the
development of knowledge in this area and thus contributes to building stronger and
safer societies.
“AXA teams in Singapore share with me the pride of this extension of the AXA
Research Fund outside of Europe. I believe it is a very strong sign of our long term
commitment to the region and its strategic importance for the Group.
“I sincerely wish all the best to Professor Ebstein and his team and I really hope this
first step will encourage more Asian institutions to apply.”

Prof Barry Halliwell, Deputy President (Research and Technology), NUS, said: “We
are pleased to receive this esteemed gift from the AXA Research Fund which will
support the work of NUS researchers to identify and explain the biological
underpinnings of risk-taking in human choice and behavior.
“The gift is recognition of NUS as a leading global university centred in Asia, and the
University’s relentless drive to contribute to holistic understanding of critical issues
for Asia and the rest of the world.”

Principal Investigator of the study, Prof Richard P. Ebstein, Department of
Psychology, Faculty of Arts and Social Sciences at NUS, said: “We believe that
human decision making in a risky environment has its roots in the early evolution of
life itself. The specific aim of our project is to identify and unravel the basic biological
mechanism underpinning decision making under risk.”

Several problems that afflict the world today remain obscure due to an almost
complete ignorance of the biological architecture of human decision making. These
problems can be viewed in terms of breakdowns in decision making ranging from
economic meltdowns, driven in large measure by widespread breakdowns in trust
between individuals and institutions freezing commerce worldwide, to disorders in
individuals where the primary symptoms are more dramatic and often involve
pathological changes in decision making behavior, e.g. drug addiction, pathological
gambling, eating disorders, borderline personality disorders and extreme mistakes in
saving and spending.

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