We propose a theoretical framework for the adaptive control of visual
sensitivity in the vertebrate retina. The photoreceptor transfer funct
ion is modelled with a Michaelis-Menten law instead of a logarithmic f
unction. This more plausible function has a biophysical correlate, and
it allows consideration of the photoreceptor as the main locus of ret
inal adaptation. The retinal model suggests that the function of photo
receptors might be to control visual sensitivity, defined as the optim
al transcoding of non-stationary visual information. This is done by u
sing an adaptive transfer function whose parameters are spatiotemporal
ly and locally estimated by the subsequent retinal circuit and fed bac
k to the photoreceptors. The proposed model also supports the function
al architecture of the vertebrate retina.