I want to ammend previous answers.
Erlang, or rather the Erlang runtime system (erts), defaults the number of schedulers (OS threads) and the number of runqueues to number of processing elements on your platform. That is processors cores or hardware threads. You can change these settings in runtime using:
erlang:system_flag(schedulers_online, NP) -> PrevNP
The Erlang processes does not have any affinity to any schedulers yet. The logic balancing the processes between the schedulers follows two rules. 1) A starving scheduler will steal work from another scheduler. 2) Migration paths are setup to push processes from schedulers with lots of processes to schedulers with less work. This is done to assure fairness in reduction count (execution time) for each process.
Schedulers however can be locked to specific processing elements. This not done by default. To let erts do the scheduler->core affinity use:
erlang:system_flag(scheduler_bind_type, default_bind) -> PrevBind
Several other bind types can be found in the documentation. Using affinity can greatly improve performance in heavy load situations! Especially in high lock contention situations. Also, the linux kernel cannot handle hyperthreads to say the least. If you have hyperthreads on your platform you should really use this feature in erlang.