Life-history theory concerns the optimal spread of reproduction over an org
anism's life span. In variable environments, there may be extrinsic differe
nces between breeding periods within an organism's life, affecting both off
spring and parent and giving rise to intergenerational trade-offs. Such tra
de-offs are often discussed in terms of reproductive value for parent and o
ffspring. Here, we consider parental life-history optimization in response
to varying offspring values of a population regulated by territoriality, wh
ere the quality of the environment varies periodically. Periods are interpr
eted as either within-year (seasonality) or between-years variation (cyclic
ity). The evolutionarily stable strategy in a general model with two-phased
periodicity in the environment ran generate either higher or lower effort
in the more favorable of the two phases; hence knowing survival prospects o
f offspring does not suffice for predicting reproductive effort-the future
of all descendants and the parent must be tracked. We also apply our method
to data on the Ural owl Strix uralensis, a species preying on cyclically f
luctuating voles. The observed dynamics are best predicted by assuming dela
yed reproductive costs and Type II functional response. Accounting for vary
ing offspring values can lead to cases where both reproductive effort and r
ecruitment of offspring are higher in the phase when voles are not maximall
y abundant, a pattern supported by our data.