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 value of perfect information?
Definitions:
Chicago School
An economic school of thought advocating for minimal government intervention in markets, emphasizing the importance of free-market principles.
Trust
A fiduciary relationship where one party, known as the trustee, holds property or assets for the benefit of another party, called the beneficiary.
Beneficiaries
Individuals or entities designated to receive benefits or assets from an estate, insurance policy, or trust.
Securities
Financial instruments that represent an ownership position, a creditor relationship, or rights to ownership, such as stocks, bonds, or options.
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