Exactly. The notion that skin in the game decreases risky behavior assumes that everyone is perfectly rational, which is demonstrably untrue. It's a classic "sp

Exactly. The notion that skin in the game decreases risky behavior assumes that everyone is perfectly rational, which is demonstrably untrue. It's a classic "spherical cow" modeling of human behavior. Overconfidence, hubris, obsession, laziness, envy, spite, and a nearly-infinite list of other "irrational" behaviors are a function of human existence and would cause someone to take stupid risks with both themselves and others!