This paper presents a perspective on some of the organizational and economic consequences of the fallibility in human judgments and decisions. The effects of fallibility are explored in several different contexts. For instance, the paper shows that the diversification of political authority in...

An objective of this paper is to analyze the economic performance of committees; in particular, the optimal degree of consensus to be required for committee’s decision making (concerning acceptance or rejection of projects), and the optimal size of committee. Our focus is on two basic...

An objective of this paper is to analyze the economic performance of committees; in particular, the optimal degree of consensus to be required for committee’s decision making (concerning acceptance or rejection of projects), and the optimal size of committee. Our focus is two basic trade-offs...