Surviving the Titanic Disaster: Economic, Natural and Social Determinants
AbstractThe sinking of the Titanic in April 1912 took the lives of 68 percent of the people aboard. Who survived? It was women and children who had a higher probability of being saved, not men. Likewise, people traveling in first class had a better chance of survival than those in second and third class. British passengers were more likely to perish than members of other nations. This extreme event represents a rare case of a well-documented life and death situation where social norms were enforced. This paper shows that economic analysis can account for human behavior in such situations.
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Bibliographic InfoPaper provided by School of Economics and Finance, Queensland University of Technology in its series School of Economics and Finance Discussion Papers and Working Papers Series with number 245.
Length: 25 pages
Date of creation: 06 Feb 2009
Date of revision:
Decision under Pressure; Tragic Events and Disasters; Survival; Quasi-Natural Experiment; Altruism;
Other versions of this item:
- Bruno S. Frey & David A. Savage & Benno Torgler, 2009. "Surviving the Titanic Disaster: Economic, Natural and Social Determinants," CREMA Working Paper Series 2009-03, Center for Research in Economics, Management and the Arts (CREMA).
- Frey, Bruno S & Savage, David A & Torgler, Benno, 2009. "Surviving the Titantic Disaster: Economic, Natural and Social Determinants," Berkeley Olin Program in Law & Economics, Working Paper Series qt6h24b1vt, Berkeley Olin Program in Law & Economics.
- Bruno S. Frey & David A. Savage & Benno Torgler, 2009. "Surviving the Titanic Disaster: Economic, Natural and Social Determinants," CESifo Working Paper Series 2551, CESifo Group Munich.
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-02-14 (All new papers)
- NEP-HAP-2009-02-14 (Economics of Happiness)
- NEP-HIS-2009-02-14 (Business, Economic & Financial History)
- NEP-HPE-2009-02-14 (History & Philosophy of Economics)
- NEP-SOC-2009-02-14 (Social Norms & Social Capital)
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