Nearly a century ago, Frank Knight famously distinguished between risk and uncertainty with respect to the nature of decisions made in a business enterprise. He associated generating economic profit with making entrepreneurial decisions in the face of fundamental uncertainties. This uncertainty...

How many interviewers per job applicant are necessary for a company to achieve the highest hit rate? Are two better than one? Condorcet's Jury Theorem and the “wisdom of the crowd” suggest that more is better. Under quite general conditions this study shows, surprisingly, that two...