Independence of Smith-dominated alternatives
Okay kiddo, let me explain what independence of Smith-dominated alternatives means.
Imagine you have some toys that you want to play with. You can choose any toy you want, but some toys you might like more than others. Now, let's say you have two favorite toys: a teddy bear and a car. But the teddy bear is your absolute favorite, and you really want to play with it.
Now, your mom tells you that you have to choose between two games: playing with the teddy bear or playing with the car. But, there's a catch. The rules of the game are such that if a lot of other kids want to play with the car, then you won't get to play with your favorite toy, the teddy bear.
The toys in this game are like different choices or options that you may have. The game's rules are what we call the independence of Smith-dominated alternatives. It helps us measure how our choices can affect each other.
More simply, it means that sometimes when we have options to choose from, it's hard to know which one to pick because we don't know how other people might choose. This can make things complicated, just like playing the game with the toys.
So, in this situation, we might have to think hard about which toy we choose, and whether we're willing to give up playing with our favorite toy, the teddy bear, in order to play a different game, with a car.
In conclusion, independence of Smith-dominated alternatives is a way of looking at how hard it can be to make choices, especially when there are other people or factors that might make things tricky. So, think carefully when making choices, and always remember, teddy bears are pretty cool!
Imagine you have some toys that you want to play with. You can choose any toy you want, but some toys you might like more than others. Now, let's say you have two favorite toys: a teddy bear and a car. But the teddy bear is your absolute favorite, and you really want to play with it.
Now, your mom tells you that you have to choose between two games: playing with the teddy bear or playing with the car. But, there's a catch. The rules of the game are such that if a lot of other kids want to play with the car, then you won't get to play with your favorite toy, the teddy bear.
The toys in this game are like different choices or options that you may have. The game's rules are what we call the independence of Smith-dominated alternatives. It helps us measure how our choices can affect each other.
More simply, it means that sometimes when we have options to choose from, it's hard to know which one to pick because we don't know how other people might choose. This can make things complicated, just like playing the game with the toys.
So, in this situation, we might have to think hard about which toy we choose, and whether we're willing to give up playing with our favorite toy, the teddy bear, in order to play a different game, with a car.
In conclusion, independence of Smith-dominated alternatives is a way of looking at how hard it can be to make choices, especially when there are other people or factors that might make things tricky. So, think carefully when making choices, and always remember, teddy bears are pretty cool!