Today we were introduced to locally convex spaces, defined thusly:
A vector space is locally convex iff it has a family of semi-norms $(p_i)$ such that $x=0$ if and only if $p_i(x)=0$ for all $i$.
The professor then said we would limit ourselves to countable families $(p_i)$ and introduced the following function:
$$d(x, y) = \sum_{n=0}^\infty \frac 1 {2^n} \frac {p_n(x-y)}{1+ p_n(x - y)}$$
He explained that this is always a metric, and called it the "natural" metric. Naturally, it didn't seem that natural to any of us. This same formula is also found on Wikipedia.
Is there some property of this metric which characterizes it? Is it for instance the only metric having some form of compatibility with the family of semi-norms $(p_i)$?
The compatibility lies in the (much wanted) property that a sequence $x_n$ converges to $x$ for the metric iff it converges to $x$ for every fixed seminorm. As already mentioned there are many choices with that property. The construction is (only?) used in spaces where the topology does not allow for the construction of a norm compatible with the topology.
As mentioned by Daniel Fischer in a comment, there are more natural metrics like: $$ d(x,y)= \max_n \frac{c_n p_n(x-y)}{1+p_n(x-y)}$$ where $c_n$ is a strictly positive sequence converging to zero. For that metric the balls $B_r =\{ x: d(0,x)<r \}$ form a convex and balanced local base for the topology (also absorbing). With the sum instead of max the balls need not be convex.