A person is trying to decide if they 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: 
Based on the expected monetary value of buying a ticket, what is the best decision?
Definitions:
Cost-Plus Pricing
A pricing strategy where the selling price is determined by adding a specific markup to a product's unit cost, ensuring a profit margin is achieved.
Penetration Pricing
A pricing strategy where a product is offered at a low price to gain market share quickly.
Psychological Pricing
A marketing strategy that utilizes price points believed to have a psychological impact, encouraging purchases.
Penetration Pricing
A marketing strategy where a product is priced lower than its competitors in order to attract customers and gain market share.
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