Mathematical models are used to determine the optimal foraging effort
of individuals that face increased risk of predation when they exert g
reater foraging effort but have imperfect information about the degree
of risk. If the fitness cost of underestimating predation risk is les
s than that of overestimating risk, imperfect information should lead
to behavior that is appropriate for a lesser risk than is actually pre
sent. Overestimation is favored under the opposite condition. If there
is a trade-off between starvation and predation, an animal will usual
ly underestimate (overestimate) risk if the third derivative of the st
arvation-versus-risk relation is positive (negative), provided uncerta
inty is not too large. Different, plausible starvation functions can f
avor either under- or overestimates of risk. If there is a trade-off b
etween reproduction and predation, a more complex condition determines
which type of bias is adaptive; this condition involves the reproduct
ion-versus-risk function and its first three derivatives, and again, o
ver- or underestimation of risk can be advantageous. In almost all mod
els, increased accuracy of estimation is favored when costs of increas
ed accuracy are sufficiently small. These results differ from those of
previous analyses, and reasons for these differences are discussed.