The Early-Decision Racket

"Early-decision programs—whereby a student applies early to a single school, receives an early answer, and promises to attend if accepted—have added an insane intensity to middle-class obsessions about college. They also distort the admissions process, rewarding the richest students from the most exclusive high schools and penalizing nearly everyone else. But the incentives for many colleges and students are as irresistable as they are perverse"