Economic Decision Making Flashcards
What are economic decisions?
Decision-making informed by an analysis of cost and benefit of the choices an individual has.
Relies on quality of available info.
Requires certian cognitive capacities of the organism.
Law of Diminishing Returns example
Y axis = currency
X axis = handling time
-X axis = search/travel time
Forage for less period of time in patches with more prey.
Forage more or spend more time in patches with less prey.
Prey Choice
Large prey are more profitable than small prey.
Prey 1 = eat
Prey 2 = eat if gain from eating is greater than gain from rejecting and searching for more profitable prey.
Marginal Value Theory
A tangent to a curve is a rate. (e.g., rate of energy)
MVT = a tangent and curve. How long must you stay in a patch so that you maximize your energy gained without wasting time and energy?
Prey choice models
E1/h1 > E2/h2
E2/h2 > E1/(S1+h1)
To find out which is more profitable/costly - you solve for search time. Solve to determine whether you should eat the prey item encountered. Quantifiable model to determine when a forager should switch from being a specialist to a generalist. Assumes organism is pretty smart - knowledge of energy, search time, prey abundance, and handling time.
Three predictions of prey choices
1) Predators should either specialize on prey 1 or generalize. (you should eat prey 1 b/c it is generally more profitable than prey 2)
2) The decision of whether to specialize depends on S1 but not S2. (once you make that decision to go after prey 2 it doesn’t matter what time it takes)
3) The shift from specializing to generalizing is sudden and occurs when the search costs for the more profitable prey exceed the gain from eating less profitable prey.
Sampling and information
The information a forager has affects the decision-making process.
Variability becomes important.
e.g., Downy woodpeckers; logs with 24 holes
When they had either 0 or 24 prey items, easy to decide where to forage.
When they had either 0 or 6, or 0 or 12 it was harder.
e.g., grocery store lines
Condition-dependent decisions
Risk of starvation.
Would you take 10 sausages a day? or 1/2 the days get 5 sausages and 1/2 the days get 20 sausages?
To determine you should ask how much do you need for any given day to survive? Choose strategy based on how close you are to starvation. If you can live on 10 per day but not 5, choose option 1. If you nee more than 10 a day go with option 2.
Condition-dependent decisions
Risk-prone - risky option
Risk-averse - dodging risk
When humans are on the edge we become more risk averse, but often times that is the time to be more risk prone.
Law of diminishing returns re-creation
There is some currency and it takes you time to gain that currency; and you will gain that currency at a diminishing rate.
Be able to recreate graph.
e.g., foraging, mating, hibernating, parental care
Idea is universal
The evolution of cognition
Food harding in organisms.
Nutcrackers = good at spatial memory but keyed to location and not other cues.
Food storing species have good spatial memory.
Food storing = neural trait = food storers have larger hippocampus.
e.g., london cabbies
Social learning
Sticklebacks
Copying, local tradition, teaching
Life dinner principle
Selection should be stronger on prey. If prey loses, it dies. If predator loses, it looses dinner. Life > dinner therefore the selection is stronger on prey. Asymmetry in strength of selection.
Predation sequence
1) Searching for prey
2) Recognition of prey
3) Catching prey
4) Handling prey
Predator adaptations and prey counter-adaptations
1) Improved visual acuity & crypsis
2) Learning & Masquerade
3) Secretive approach & Startle response
4) Subduing skills & Spines or toxins
Why is the red queen hypothesis descriptive of predator-prey arms races?
The red queen hypothesis describes the example of Alice running fast but getting no where. In the real world it would be considered a long way but not in the realm she is running in.
Tetrodotoxin
Partial charges and positive charges repel tetrodotoxin making it easy for the snake to evolve super resistance that doesn’t require a huge genetic change.
Predator fitness and prey phenotype
Refer to 4 graphs:
Prey phenotype doesn’t have that big of an effect on predator fitness in the example of crypsis b/c the prey is not harming the predator, the predator just goes hungry.