In public-key cryptography, the security level indicates the strength of an adversary in breaking a scheme or solving a problem, which can be seen as the time cost of breaking a scheme or solving a problem. Generating a scheme with a security parameter $k$ does not mean that this scheme has $k$-bit security. The real security level depends on the mathematical primitive and the scheme construction.
Suppose all potential attack algorithms to break a proposed scheme have been found with the following distinct time cost and advantage
$$\{ (t_{i},\varepsilon_{i}) \mid i \in I \}$$
Let
$$2^{k^*} = \inf \{ t_{i}/\varepsilon_{i} \mid i \in I \}$$
Then we sat this scheme is $k^*$-bit security.
My question is why the form is $t_{i}/\varepsilon_{i}$?
Of course the security level depends on the time cost $t$ and the advantage $\varepsilon$. I assume that
$$2^{k^*} = \inf \{ f(t_{i}, \varepsilon_{i}) \mid i \in I \}$$
Thus, there are some basic properties of $f$.
P1. For $t_{2} > t_{1}$ and $\varepsilon_{2} > \varepsilon_{1}$, $f(t_{2}, \varepsilon_{1}) > f(t_{1}, \varepsilon_{1}) > f(t_{1}, \varepsilon_{2})$. If we assume that $f$ is smooth, then we can let $df/dt > 0$ and $df/d\varepsilon < 0$.
P2. For every attack algorithm, $f(t, \varepsilon) \leq 2^k$.
P1 and P2 hold true if we let $f(t,\varepsilon) = t / \varepsilon$.
However, there are many functions that satisfy these properties. And I think $f$ should also satisfy more properties.
For example, given an attack algorithm $A$, for the trivial modification of $A$, the value of $f$ should be the same. Let $A_{n}$ be an algotithm that calls $A$ for $n$ times, $A_{n}(x) = 1$ if and only if there are more than $n/2$ times that $A(x) = 1$. We know that $$\frac{t_{A_{3}}}{\varepsilon_{A_{3}}} = \frac{3 t_{A}} {3\varepsilon_{A}/2} \neq \frac{t_{A}} {\varepsilon_{A}} $$
I try to explain the "trivial modification" more clearly. If there is an oracle machine $M$ which is independent of the scheme, then I think $M^{A}$ should be a "trivial modification" of $A$. I believe that the power of $M^{A}$ should not be stronger than $A$. However, I do not know how to define the oracle machine $M$ in a formal way. So, I give above example of $M$ such that $M$ asks oracle $A$ for $n$ times and the output of $M^{A}$ only depends on these $n$ answers. We do not care about the specific attack algorithm $A$ is (and whether $A$ has the accesses to some oracles.)