Identifying the most influential features of neural population responses for information encoding and behavior

Identifying the features of population responses that are relevant to the amount of information encoded by neuronal populations is a crucial step toward understanding the neural code. Statistical features such as tuning properties, individual and shared response variability, and global activity modulations could all affect the amount of information encoded and modulate behavioral performance. We show that two features in particular affect information: the modulation of population responses across conditions and the projection of the inverse population variability along the modulation axis. We demonstrate that fluctuations of these two quantities are correlated with fluctuations of behavioral performance in various tasks and brain regions. In contrast, fluctuations in mean correlations among neurons and global activity have negligible or inconsistent effects on the amount of information encoded and behavioral performance. Our results are consistent with predictions of a model that optimally decodes population responses, which suggests that in our behavioral tasks the readout of information is near-optimal.