Essays in revealed preference theory and behavioral economics

Time, risk, and attention are all integral to economic decision making. The aim of this work is to understand those key components of decision making using a variety of approaches: providing axiomatic characterizations to investigate time discounting, generating measures of visual attention to infer consumers' intentions, and examining data from unique field settings.

Chapter 2, co-authored with Federico Echenique and Kota Saito, presents the first revealed-preference characterizations of exponentially-discounted utility model and its generalizations. My characterizations provide non-parametric revealed-preference tests. I apply the tests to data from a recent experiment, and find that the axiomatization delivers new insights on a dataset that had been analyzed by traditional parametric methods.

Chapter 3, co-authored with Min Jeong Kang and Colin Camerer, investigates whether "pre-choice" measures of visual attention improve in prediction of consumers' purchase intentions. We measure participants' visual attention using eyetracking or mousetracking while they make hypothetical as well as real purchase decisions. I find that different patterns of visual attention are associated with hypothetical and real decisions. I then demonstrate that including information on visual attention improves prediction of purchase decisions when attention is measured with mousetracking.

Chapter 4 investigates individuals' attitudes towards risk in a high-stakes environment using data from a TV game show, Jeopardy!. I first quantify players' subjective beliefs about answering questions correctly. Using those beliefs in estimation, I find that the representative player is risk averse. I then find that trailing players tend to wager more than "folk" strategies that are known among the community of contestants and fans, and this tendency is related to their confidence. I also find gender differences: male players take more risk than female players, and even more so when they are competing against two other male players.

Chapter 5, co-authored with Colin Camerer, investigates the dynamics of the favorite-longshot bias (FLB) using data on horse race betting from an online exchange that allows bettors to trade "in-play." I find that probabilistic forecasts implied by market prices before start of the races are well-calibrated, but the degree of FLB increases significantly as the events approach toward the end.

Self-Organized Criticality, Plasticity and Sensorimotor Coupling. Explorations with a Neurorobotic Model in a Behavioural Preference Task

During the last two decades, analysis of 1/f noise in cognitive science has led to a considerable progress in the way we understand the organization of our mental life. However, there is still a lack of specific models providing explanations of how 1/f noise is generated in coupled brain-body-environment systems, since existing models and experiments typically target either externally observable behaviour or isolated neuronal systems but do not address the interplay between neuronal mechanisms and sensorimotor dynamics. We present a conceptual model of a minimal neurorobotic agent solving a behavioural task that makes it possible to relate mechanistic (neurodynamic) and behavioural levels of description. The model consists of a simulated robot controlled by a network of Kuramoto oscillators with homeostatic plasticity and the ability to develop behavioural preferences mediated by sensorimotor patterns. With only three oscillators, this simple model displays self-organized criticality in the form of robust 1/f noise and a wide multifractal spectrum. We show that the emergence of self-organized criticality and 1/f noise in our model is the result of three simultaneous conditions: a) non-linear interaction dynamics capable of generating stable collective patterns, b) internal plastic mechanisms modulating the sensorimotor flows, and c) strong sensorimotor coupling with the environment that induces transient metastable neurodynamic regimes. We carry out a number of experiments to show that both synaptic plasticity and strong sensorimotor coupling play a necessary role, as constituents of self-organized criticality, in the generation of 1/f noise. The experiments also shown to be useful to test the robustness of 1/f scaling comparing the results of different techniques. We finally discuss the role of conceptual models as mediators between nomothetic and mechanistic models and how they can inform future experimental research where self-organized critically includes sensorimotor coupling among the essential interaction-dominant process giving rise to 1/f noise.

Insight on how fishing bats discern prey and adjust their mechanic and sensorial features during the attack sequence

Several insectivorous bats have included fish in their diet, yet little is known about the processes underlying this trophic shift. We performed three field experiments with wild fishing bats to address how they manage to discern fish from insects and adapt their hunting technique to capture fish. We show that bats react only to targets protruding above the water and discern fish from insects based on prey disappearance patterns. Stationary fish trigger short and shallow dips and a terminal echolocation pattern with an important component of the narrowband and low frequency calls. When the fish disappears during the attack process, bats regulate their attack increasing the number of broadband and high frequency calls in the last phase of the echolocation as well as by lengthening and deepening their dips. These adjustments may allow bats to obtain more valuable sensorial information and to perform dips adjusted to the level of uncertainty on the location of the submerged prey. The observed ultrafast regulation may be essential for enabling fishing to become cost-effective in bats, and demonstrates the ability of bats to rapidly modify and synchronise their sensorial and motor features as a response to last minute stimulus variations.

Hábitos alimentares e análise de sobreposição trófica de elasmobrânquios no litoral sul do Rio de Janeiro, Brasil

O presente trabalho analisou o conteúdo estomacal de cinco espécies de elasmobrânquios, sendo 9 estômagos de Psammobatis rutrum, 83 de Psammobatis extenta, 59 de Atlantoraja cyclophora, 112 de Rioraja agassizi e 43 de Rhizoprionodon lalandii, com o objetivo de obter informações sobre os hábitos alimentares dessas espécies, além de verificar a formação de guildas tróficas entre as espécies estudadas. As coletas ocorreram entre janeiro de 2006 e agosto de 2007, no litoral sul do Rio de Janeiro, ao largo da Ilha Grande. Os itens alimentares encontrados foram analisados quanto a Frequência de Ocorrência, Peso Percentual e Índice Alimentar, sendo a dieta de cada espécie avaliada considerando toda amostra, de acordo com o sexo dos indivíduos, estádios de maturidade e épocas do ano. Para investigar a similaridade entre as dietas e verificar a formação de guildas tróficas foi realizada uma Análise de Escalonamento Multidimensional (MDS). As dietas de Psammobatis rutrum e Psammobatis extenta foram consideradas carcino-bentófagas, com grande importância de camarões. O principal item para Atlantoraja cyclophora foi o siri Portunus spinicarpus, sendo a dieta considerada principalmente carcino-bentófaga, mas também com grande importância de teleósteos. Em Rioraja agassizi, a dieta foi considerada principalmente carcino-bentófaga, mas também com forte influência ictiófaga. Já o comportamento alimentar de Rhizoprionodon lalandii foi considerado ictio-bentófago. A dieta entre os sexos apresentou uma alta sobreposição em P. extenta, A. cyclophora e R. lalandii, mas para R. agassizi essa sobreposição foi considerada baixa. Entre os estádios de maturidade a sobreposição foi pequena para P. extenta e R. agassizi, entretanto para A. cyclophora e R. lalandii essa sobreposição foi elevada. Os exemplares maiores, aparentemente apresentaram preferência a se alimentarem de peixes, enquanto que predadores de menor porte se restringem aos invertebrados, basicamente crustáceos. Para todas as espécies foram identificadas alterações sazonais na importância dos itens alimentares, que pode ser explicado pelas oscilações naturais na composição e abundancia das presas potenciais em consequência das variações das massas de água na plataforma continental do sul fluminense. Os resultados indicaram a formação de 2 guildas, sendo a guilda 1 composta por P. rutrum e P extenta e com uma dieta principalmente de crustáceos (camarões) e a guilda 2 composta por A. cyclophora, R. agassizi e R. lalandii apresentando uma alimentação em Crustáceos e em Teleósteos.

A comparative study of consumption rates and preference for some species of aquatic plants by Tilapia rendalli

The daily consumption rates and preference of juvenile Tilapia rendalli for some macrophytes, Ceratophyllum demersum, Lagarosiphon major, Najas pectinatas and Valisneria aethiopica were determined. Fish were offered single macrophyte diets to determine daily consumption and a mixture of the 4 macrophytes in equal quantities to determine selection. Consumption rates were 821.50 mg, 829.05 mg, 940.00 mg and 2293.53 mg per fish per day, respectively. The differences in consumption rates were significant. Preference was shown for V.aethiopica, whilst C.demersum was least selected. Fish fed on single species lost weight whereas those fed on a variety of macrophytes gained in weight.

Feeding ecology of juvenile Pacific salmon (Oncorhynchus spp.) in a northeast Pacific fjord: diet, availability of zooplankton, selectivity for prey, and potential competition for prey resources

We investigated the feeding ecology of juvenile salmon during the critical early life-history stage of transition from shallow to deep marine waters by sampling two stations (190 m and 60 m deep) in a northeast Pacific fjord (Dabob Bay, WA) between May 1985 and October 1987. Four species of Pacific salmon—Oncorhynchus keta (chum) , O. tshawytscha (Chinook), O. gorbuscha (pink), and O. kisutch (coho)—were examined for stomach contents. Diets of these fishes varied temporally, spatially, and between species, but were dominated by insects, euphausiids, and decapod larvae. Zooplankton assemblages and dry weights differed between stations, and less so between years. Salmon often demonstrated strongly positive or negative selection for specific prey types: copepods were far more abundant in the zooplankton than in the diet, whereas Insecta, Araneae, Cephalapoda, Teleostei, and Ctenophora were more abundant in the diet than in the plankton. Overall diet overlap was highest for Chinook and coho salmon (mean=77.9%)—species that seldom were found together. Chum and Chinook salmon were found together the most frequently, but diet overlap was lower (38.8%) and zooplankton biomass was not correlated with their gut fullness (%body weight). Thus, despite occasional occurrences of significant diet overlap between salmon species, our results indicate that interspecific competition among juvenile salmon does not occur in Dabob Bay.

Diet composition and prey selection of the introduced grouper species peacock hind (Cephalopholis argus) in Hawaii

The introduced grouper species peacock hind (Cephalopholis argus), was the dominant large-body piscivore on the Main Hawaiian Island (MHI) reefs assessed by underwater visual surveys in this study. However, published data on C. argus feeding ecology are scarce, and the role of this species in Hawaiian reef ecosystems is presently not well understood. Here we provide the first comprehensive assessment of the diet composition, prey electivity (dietary importance of prey taxa compared to their availability on reefs), and size selectivity (prey sizes in the diet compared to sizes on reefs) of this important predator in the MHI. Diet consisted 97.7% of fishes and was characterized by a wide taxonomic breadth. Surprisingly, feeding was not opportunistic, as indicated by a strongly divergent electivity for different prey fishes. In addition, whereas some families of large-body species were represented in the diet exclusively by recruit-size individuals (e.g., Aulostomidae), several families of smaller-body species were also represented by juveniles or adults (e.g., Chaetodontidae). Both the strength and mechanisms of the effects of C. argus predation are therefore likely to differ among prey families. This study provides the basis for a quantitative estimate of prey consumption by C. argus, which would further increase understanding of impacts of this species on native fishes in Hawaii.

Spatial and seasonal relationships between Pacific harbor seals (Phoca vitulina richardii) and their prey, at multiple scales

Knowing where pinnipeds forage is vital to managing and protecting their populations, and for assessing potential interactions with fisheries. We assessed the spatial relationship between the seasonal distribution of Pacific harbor seals (Phoca vitulina richardii) outfitted with satellite transmitters and the seasonal distributions of potential harbor seal prey species in San Francisco Bay, California. Pearson’s correlation coefficients were calculated between the number of harbor seal locations in an area of the San Francisco Bay and the abundance of specific prey species in the same area. The influence of scale on the analyses was assessed by varying the scale of analysis from 1 to 10 km. There was consistency in the prey species targeted by harbor seals year-round, although there were seasonal differences between the most important prey species. The highest correlations between harbor seals and their prey were found for seasonally abundant benthic species, located within about 10 km of the primary haul-out site. Probable foraging habitat for harbor seals was identified, based on areas with high abundances of prey species that were strongly correlated with harbor seal distribution. With comparable local data inputs, this approach has potential application to pinniped management in other areas, and to decisions about the location of marine reserves designed to protect these species.

Use of enriched live prey in promoting growth and maturation of tiger shrimp (Penaeus monodon)

This study was undertaken to determine the effect of nutritional management of broodstock of Penaeus monodon on growth and maturation. Test specimens were obtained from a grow-out pond before attainment of maturity and were reared in hatchery tanks. Four types of dietary treatments (M1–M4) were given to separate batches that were run in duplicate. Feeding trials continued for five months. A diet with live bloodworm, bioencapsulated to contain tricalcic phosphate as its major component, was found to be the most efficient. Specimens of this particular batch assimilated food more efficiently, grew at a faster rate and attained maturity earlier than other groups. Bloodworm provided the lipid fractions for which there is no de novo synthesis in shrimp. The enrichment product acted by promoting somatic growth and increasing transfer of biochemical constituents needed by the ovary for develop

Anti-grazing properties of the toxic dinoflagellate Karlodinium veneficum during predator-prey interactions with the copepod Acartia tonsa

Karlodinium veneficum (syn. Karlodinium micrum, Bergholtz et al. 2006; J Phycol 42:170–193) is a small athecate dinoflagellate commonly present in low levels in temperate, coastal waters. Occasionally, K. veneficum forms ichthyotoxic blooms due to the presence of cytotoxic, hemolytic compounds, putatively named karlotoxins. To evaluate the anti-grazing properties of these karlotoxins, we conducted food removal experiments using the cosmopolitan copepod grazer Acartia tonsa. Wild-caught, adult female A. tonsa were exposed to 6 monoalgal or mixed algal diets made using bloom concentrations of toxic (CCMP 2064) and non-toxic (CSIC1) strains of K. veneficum. Ingestion and clearance rates were calculated using the equations of Frost (1972). Exposure to the toxic strain of K. veneficum did not contribute to an increased mortality of the copepods and no significant differences in copepod mortality were found among the experimental diets. However, A. tonsa had significantly greater clearance and ingestion rates when exposed to a monoalgal diet of the non-toxic strain CSIC1 than when exposed to the monoalgal diet of toxic strain CCMP 2064 and mixed diets dominated by this toxic strain. These results support the hypothesis that karlotoxins in certain strains of K. veneficum deter grazing by potential predators and contribute to the formation and continuation of blooms.

Prevalence of brevetoxins in prey fish of bottlenose dolphins in Sarasota Bay, Florida

Blooms of the brevetoxin-producing dinoflagellate Karenia brevis have been linked to high mortality of bottlenose dolphins Tursiops truncatus on Florida’s Gulf of Mexico coast. A clear understanding of trophic transfer of brevetoxin from its algal source up the food web to top predators is needed to assess exposure of affected dolphin populations. Prey fish constitute a means of accumulating and transferring brevetoxins and are potential vectors of brevetoxin to dolphins frequently exposed to K. brevis blooms. Here we report results of brevetoxin analyses of the primary fish species consumed by long-term resident bottlenose dolphins inhabiting Sarasota Bay, Florida. Fish collected during K. brevis blooms in 2003 to 2006 were analyzed by competitive enzyme-linked immunosorbent assay (ELISA) and had brevetoxin concentrations ranging from 4 to 10844 ng PbTx-3 eq g–1 tissue. Receptor binding assay (RBA) and liquid chromatography–mass spectrometry (LC-MS) analysis confirmed toxicity and the presence of parent brevetoxins and known metabolites. Fish collected in the absence of K. brevis blooms tested positive for brevetoxin by ELISA and RBA, with concentrations up to 1500 ng PbTx-3 eq g–1 tissue. These findings implicate prey fish exposed to K. brevis blooms as brevetoxin vectors for their dolphin predators and provide a critical analysis of persistent brevetoxin loads in the food web of dolphins repeatedly exposed to Florida red tides.