@scholar999 – Exactly!!! I asked that a few posts up, and @f2000sa insisted that once they go above target, that becomes the new target for that year since they are already planning on that number. I disagree, and agree with you.
Many very selective schools (Harvard, Yale, etc.) have already pulled from their wait lists, and Penn has not. To me, that speaks volumes. The fact that there has been no movement (other than releasing a whole bunch of kids) tells me that Penn is over enrolled, and is just keeping a small extended list in case any of the 4 schools falls below target. Dean Furda said in his blog post on 5/12 that they hope to finalize the wait list by mid-June (3 weeks from now). He also said any activity will be limited in scope (while not promising that there would be any activity at all), and he urged students to make plans to enroll elsewhere. Those statements, combined with no wait list movement two weeks after the RD enrollment deadline, seems like a very gentle way to urge people to forget about Penn while keeping the list officially open in case things radically change in the next month.
@f2000sa seems to think that Penn will pull one for one off the wait list list for every kid who was a “yes” on May 1st that ends up not enrolling. We’ll see, but I would not be shocked when they release final numbers if it turns out they are over enrolled and they take no one from the wait list this year. I think the target is the target, they don’t want to be above it or below it, and they will actually be happy to have some kids drop off to go to other schools if they are above target, and those kids will not be replaced. The fact that have to accommodate 2500 if that’s what they have on 5/1 does not mean they want to accommodate that many. If they did, that would be their target!
To my understanding, the purpose of the wait list is to fill a class if their yield projections end up being too optimistic, not to replace students who drop out of an over enrolled class as long as the class remains over enrolled. Some schools (Vanderbilt comes to mind) intentionally under enroll the class through RD so they can pull kids off the wait list and artificially increase their yield by taking the remaining kids from a pool where they have indicated a strong likelihood to enroll if admitted. Traditionally, around 7% of Vandy’s class comes from the wait list. Penn, on the other hand, does not do this with its wait list. Penn increases its yield by taking a disproportionate amount of its class through binding Early Decision, and then uses its wait list for its traditional intended purpose (to fill seats left vacant by overestimating yield) rather than as a planned vehicle for accepting students into its class.
That said, there really is no reason to debate the point – we’ll see in a few weeks if anyone came off the wait list, and then we’ll see when the publish statistics where the class is compared to the target. If there is wait list movement and that school is above target, then @f2000sa is right and I am wrong. But today, my vote (based on lack of activity to date) is all 4 schools are above target and there will be no wait list movement at Penn this year.