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 expected monetary value of buying the ticket?
Definitions:
Low Construct Validity
When a test or tool does not accurately measure the theoretical concept it is intended to measure.
Operational Definition
A clear, precise description of how variables in a study will be measured or manipulated, making research findings replicable and understandable.
Construct Validity
The extent to which a test measures what it claims to be measuring, indicating the accuracy of the construct it represents.
Operational Definitions
Observable operations, procedures, and measurements that are based on the independent and dependent variables.
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