if everyone were rational, and knew everyone else would act rationally, then obvious answer is to pick red, because everyone would pick red, and hence everyone would survive.
So I think the color doesn't really matter if everyone is rational. So long as they are consistent.
Blue is more tasteful here then. With the added bonus that if enough people do pick it, it's a win.
What is interesting is if you believe most people are not rational and will pick red, but at least one person will pick blue.
Do you choose certain death?
For me, who has dependents, it would rest on what I think they would choose.
A very interesting problem....