Surviving the Titanic disaster : economic, natural and social determinants
Frey, Bruno, Savage, David, & Torgler, Benno (2009) Surviving the Titanic disaster : economic, natural and social determinants. In Proceedings of Australian Conference of Economists 2009, Australian Conference of Economists, University of Adelaide, Adelaide, South Australia, pp. 1-33.
The 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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|Item Type:||Conference Paper|
|Keywords:||Decision Under Pressure, Tragic Events and Disasters, Survival, Quasi-natural Experiment, Altruism|
|Subjects:||Australian and New Zealand Standard Research Classification > ECONOMICS (140000) > APPLIED ECONOMICS (140200) > Welfare Economics (140219)|
Australian and New Zealand Standard Research Classification > ECONOMICS (140000) > Economic Theory (140100) > Microeconomic Theory (140104)
|Divisions:||Current > QUT Faculties and Divisions > QUT Business School|
Current > Schools > School of Economics & Finance
|Copyright Owner:||Copyright 2009 [please consult the authors]|
|Deposited On:||01 Jun 2010 15:38|
|Last Modified:||05 Jan 2011 23:59|
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