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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.

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Abstract

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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ID Code: 32348
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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