This paper uses the television game show 'Jeopardy!' as a natural experiment to analyze behavior under uncertainty and the ability of players to choose strategic best-responses. The results suggest that, while most players bet in a rational manner, the failure rate for choosing best-responses...

We document that the percentage of all U.S. assets that are "safe" has remained stable at about 33 percent since 1952. This stable ratio is a rare example of calm in a rapidly changing financial world. Over the same time period, the ratio of U.S. assets to GDP has increased by a factor of 2.5,...