A person is trying to decide if they should buy a lottery ticket.The ticket costs $1.00.If the ticket is a winner, the prize would be $10,000.Knowing that winning $10,000 is not a certain outcome (state of nature), the person finds that the probability of winning is 0.0009.Based on this information, the following payoff table can be constructed: 
What is the decision using a maximin approach?
Definitions:
Existing Theories
Refers to the set of established hypotheses and concepts that seek to explain or interpret aspects of reality.
Causal Connection
A relationship between two events where one event is understood to be a direct result of the other.
Random Sample
A subset of individuals chosen from a larger set, where each individual has an equal chance of being selected.
Self-selection Bias
A bias occurring when individuals select themselves into a group, causing a non-random sample that may not accurately represent the larger population.
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