A person is trying to decide if he or she should buy a lottery ticket. The ticket costs $2.00. If the ticket is a winner,the prize would be $1,000. Knowing that winning $1,000 is not a certain outcome (state of nature) ,the person finds that the probability of winning is 0.001. Based on this information,the following payoff table can be constructed: 
What is the decision that uses a maximin approach?
Definitions:
Leader
An individual who guides or influences a group towards achieving collectively defined goals.
Structure The Meeting
This involves organizing and planning a meeting in a way that ensures it is effective and efficient, with clear objectives, an agenda, and designated times for discussions.
Plan A
Often implies a primary strategy or initial course of action set before any alternatives are considered.
Plan B
A backup plan or alternative strategy in case the original plan fails or circumstances change.
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