Basically my theory is this.. It is ok to die, if its a support/tank helping the carry... And you get a kill+assists out of it.. Do not die trying to get a kill 1v3 as you will give them more gold than you yourself will attain.. Also in some occasions in teamfights I can say it would be OK for the carry to die ONLY if you dieing will set your team in position to make a game changing objective.. ie. you and the enemy team get in a fight at baron.. You are the AD carry and you are running low on health, the other teams carry is dead but have several low health running away but not quite enough to ignore them and go for baron.. So you start cleaning them up even though their tank is in position to make you have trouble getting out after cleaning up.. But you going in and getting several kills would give your team the advantage to be able to grab baron and go in and possibly get a couple turrets if not the win... ^sorry for the speel..
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If you die for a dragon, it's a good trade.
Basically, you have to quickly weigh out the gold cost of dying/living.
Beyond that, it's not okay to die EVER in the late game, unless you are in a team fight, and die as a result of cc or being focused beyond your control.
Positioning can cure almost everything though.
Dying is normal though, you shouldn't be ashamed or anything like that.
Just try to learn from your mistakes, ask yourself "what did I do wrong that caused me to die?" and don't take "i played perfectly" for an answer, because it's usually not true.