<p>I've restrained myself in the past but I'll add something here that's undiplomatic:</p>
<p>Yield is especially misleading when "some" schools have a habit of accepting part of the class on primarily non-academic grounds -- e.g. legacy, donations, athletics, etc. Thus, these students are near the bottom of the accept pool on purely scholastic grounds only. But that makes them more likely to come, especially if the signalling of going to a top school benefits them. Moreover, the lack of grade inflation at Caltech hurts it relative to other top schools because it makes it harder for the "softer" admits to attend. At other places, the lower end admits cushion life for the academic admits.</p>
<p>A couple of years ago I had to talk to an admitted applicant (I'm an alum Caltech rep) who eventually turned down Caltech for HYP because -- in his words -- "If things don't work out, I want to make sure I can still get a great GPA."</p>
<p>Much as it upsets others, I maintain that this makes other top schools "worse" from a purely meritocratic perspective.</p>
<p>But it definitely hurts Caltech's yield. Furthermore, even if Caltech were to practice non-meritocratic admission would anyone sane want to come?</p>
<p>I mean, let's face it. Imagine a student with very low (Caltech standards) Math SATs, no calc, under 700 on the Math 2, no Math/Sci EC, weak science background, and a 3.4 GPA in an average high school being admitted through "connections" who has ambitions to get an MBA eventually. Ask yourself, Would that person really want to take and be able to survive Core? At most top schools, it is possible to graduate without ever taking a Calc or tough math course. At Caltech you HAVE to do Baby analysis. You have to take Kinematics and QM. You have to do Chem. </p>
<p>And yet such people ARE admitted routinely to many top schools, either because their essays are "creative" or their parents are alums or they're fantastic athletes or they're hooked in some other non-academic way.</p>
<p>The major liberal arts type school that has some of the Caltech "feel" is Chicago. And there too, you see heavy self-selection and a low yield. Part of the reason is that lots of people don't want to deal with the heavy core, intense academics, and relatively deflated grades for a school without the generic name recognition of other places.</p>