April 12, 2012

Why Didn't People Panic on the Titanic?

C. Kenney & Z. Chace, NPR

AP Photo

As the Titanic was sinking and women and children climbed into lifeboats, the cellist and violinist from the ship's band stood and played. They died when the ship went down. Men stood on the deck and smoked cigars. They died, too.

This behavior is puzzling to economists, who like to believe that people tend to act in their own self interest.

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TAGGED: Titanic, Panic