Behavioral Ecology
Risk-Sensitive Foraging
Foraging behavior that accounts for variance in resource availability, not just average returns. Risk-averse foragers prefer reliable resources; risk-prone foragers accept variance when behind on energy budgets.
Biological Context
When energy reserves are adequate, animals prefer reliable food sources. When starving, they take risks—high-variance options that might yield nothing or a bonanza. This state-dependent risk sensitivity optimizes survival: play it safe when you can afford to, gamble when you must.
Business Application
Risk-sensitive strategy in business: well-funded companies can afford conservative strategies; companies near failure must take bigger risks. The optimal risk level depends on your current position relative to survival thresholds.