Citation
An empirical demonstration of risk-sensitive foraging preferences
TL;DR
Animals are risk-averse when energy reserves are high
Caraco et al. provided the first clear empirical demonstration that animals switch between risk-averse and risk-seeking behavior based on energy reserves. This paper established that foraging decisions aren't just about maximizing average returns - survival probability matters more than expected value when reserves are low.
This research directly informs the Junco's Risk Threshold framework, showing that the same organism can rationally pursue opposite strategies depending on its current state.
Key Findings from Caraco et al. (1980)
- Animals are risk-averse when energy reserves are high
- Animals become risk-seeking when reserves fall below survival threshold
- The switch point corresponds to minimum daily energy requirement
- Risk sensitivity is a rational response to survival constraints, not irrationality