My apologies, I meant the expectation value. I thought it would get tedious to put expectation value everywhere. Corrected version below.
No. People expect to value a good meal more than the dollars they spend on it, that is the only reason why it is advisable to try to(1) have a good meal. If they don't, which is rare but possible, it is completely foolish to try to have a good meal for the price.
But for financial products, where you pay money and get back money, this isn't that straightforward. It only makes sense to buy a financial product when either you expect to get back more money than you paid, including time value of money (e.g. possibly mutual funds), or at least you expect to get back more money "value" (e.g. possibly insurance).
Both insurance and nice meal are justifiable by expected "value" of goods or services received that is more than that of paid. Both subjective. But as you despised all subjective looks, with that perspective, trying to buy good meal and insurance are both foolish.
(1) : "Try to" because meal might turn out to be bad.
Lotteries are rarely non-foolish, so I don't understand what you mean. Though the "value" of dreams they inspire could be considered to be larger than lottery ticket price ;).