The Sunk Cost Effect refers to the tendency of individuals to continue an endeavor once an investment in money, effort, or time has been made, even when continuing is not the rational choice. This cognitive bias occurs because people focus on past costs rather than future benefits. Rational decision-making would ignore sunk costs, but emotionally, people find it difficult to abandon what they have already invested in, leading to suboptimal outcomes.
🎧 การบรรยาย
Professor: Let me give you an example from a friend of mine. He bought a non-refundable ticket to a concert, but on the day of the show, he came down with a bad cold. He knew he would feel miserable at the loud, crowded venue and might even worsen his health. Still, he decided to go because he had paid a hundred dollars. When I asked why, he said, 'I can't waste that money.' In reality, the money was already spent and couldn't be recovered. By going, he only sacrificed his comfort and recovery time. If he had stayed home, he would have lost nothing more than the ticket price, which was already gone. His decision to attend was driven solely by the sunk cost, not by rational thinking about his well-being.
❓ คำถาม Question: Using the example from the lecture, explain the concept of the sunk cost effect.
📊 เกณฑ์การให้คะแนน TOEFL Speaking Task 3
Delivery: Fluency, pronunciation, intonation
Language Use: Grammar, vocabulary, sentence variety
Topic Development: Accurately explain the reading concept and restate the lecture examples
Scored 0-30 based on holistic scoring (original 0-4, scaled to 30). 30s preparation, 60s response.
💡 เคล็ดลับ
Note the core concept definition from the reading (usually 1-2 sentences)
Record 1-2 specific examples the professor uses in the lecture
Start with the concept definition, then explain with lecture examples
Use template phrases: "The reading defines... The professor illustrates this by..."
Keep within 60s; ensure clarity and fluency
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