What does "always cats" mean? - briefly
The phrase "always cats" is a humorous or exaggerated way of describing a situation where cats are consistently present or a frequent topic of discussion. This expression is often used to emphasize the ubiquitous nature of cats in a particular setting or conversation.
What does "always cats" mean? - in detail
The phrase "always cats" is an idiomatic expression that often surfaces in discussions about decision-making, especially in the field of game theory and economics. This term is derived from a classic problem known as the "St. Petersburg paradox." This paradox involves a hypothetical gambling game where the payout doubles each time a fair coin lands on tails until it lands on heads. The question is whether a rational person would pay a finite amount to participate in such a game, given that the expected value of the payout is infinite.
To understand "always cats," one must delve into the implications of the St. Petersburg paradox. The paradox suggests that a rational person should be willing to pay an infinite amount to participate in the game because the expected payout is theoretically infinite. However, in practical terms, no one would pay an infinite amount, leading to a contradiction. This contradiction highlights the limitations of expected value as a sole criterion for decision-making.
The term "always cats" is used to illustrate the absurdity of relying solely on expected value in decision-making. It suggests that if one were to follow the logic of the St. Petersburg paradox to its extreme, one would end up making decisions that are not practically feasible. For instance, if a person were to always choose the option with the highest expected value, regardless of other considerations, they might end up in situations that are not rational or sustainable in real-world scenarios.
In practical applications, decision-makers often consider other factors besides expected value, such as risk aversion, utility, and the opportunity cost of different choices. These additional considerations help in making more balanced and practical decisions. For example, a person might choose an option with a lower expected value but higher certainty, or they might prioritize options that align with their long-term goals and values.
Moreover, the phrase "always cats" can also be seen as a cautionary note against overly simplistic models of decision-making. It underscores the importance of incorporating a broader range of factors and considerations into the decision-making process. This includes understanding the limitations of mathematical models and recognizing the need for human judgment and intuition.
In summary, "always cats" is a phrase that encapsulates the idea that relying solely on expected value can lead to impractical and irrational decisions. It serves as a reminder to consider a wider array of factors when making choices, ensuring that decisions are not only mathematically sound but also practically viable and aligned with real-world considerations.