Surviving the Titantic Disaster: Economic, Natural and Social Determinants
- Author(s): Frey, Bruno S;
- Savage, David A;
- Torgler, Benno
- et al.
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.