It is a mistake to think that people with skin in the game act more honestly because of disincentives. It can also be a selection bias: those with skin in the game tend to be the virtuous; their conscience and sense of fairness would lead them to situations where they share the harm and the responsibility.Many, such as Winston Churchill, were ashamed to be shielded from harm when soldiers were not, and took a large amount of personal risks, for instance by crossing the Atlantic while chased by the Luftwaff.

Source: It is a mistake to think that people with skin… – Nassim Nicholas Taleb