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There is a reason the schools do this. Even the top schools know that a certain number of interviewees who they want to accept will be interviewed by other, higher ranked schools and accept offers elsewhere. This is why the interview rate at Wharton is higher than the rates at Stanford and Harvard -- Wharton KNOWS that it is going to lose some of the candidates it wants to the other schools (you see this by looking at the yield figures). This same scenario plays out to some degree (probably a greater degree) across all schools not in the top 3, so basically the schools need to have a higher interview rate to ensure that they screen enough good candidates that they can round out a solid class of people they want who are not socially defective. It's maddening from an applicant's standpoint, but there is a method to the madness.
I personally do not think this should be one of the questions. A little intuition into the publicly available math tells the story here.
Sorry, but this does not counter aceman's point at all. Sure Wharton knows that a relatively consistent percentage of students will choose to attend other schools, hence they purposely accepts more candidates than can attend (others are waitlisted to deal with fluctuations in yield). However, this does not explain why Wharton interviews 60% of candidates with the full knowledge that greater than 2/3 of them will be dinged. I find it very hard to believe that there isn't a significant percentage in that group that they know will be dinged regardless of interview performance.
To further counter your argument you need only look to Haas. They have a lower yield than Wharton yet interview only ~25% of candidates.
No, it perfectly counters aceman's point, which is that schools should invite the smallest percentage of candidates possible, thereby maximizing the acceptance rate for those offered interviews. His is a very candidatecentric view that could only occur in an ideal world. Let's be honest though, the schools really do not care about what is good for the candidates -- they are doing what is good for the schools. By minimizing the number of candidates interviewed, a school would maximize its own risk of failing to develop the best class possible. The schools are risk averse, this would never happen.
Your point is flawed as well. The top schools have repeatedly stated that ~80% of candidates are qualified for admission. If you wanted to make the best possible class, you would be interested in choosing the best possible portion of that 80%, and the way to do that is to interview the most interesting group of that 80% that is available to you, adjusting for whatever demographic or quota system the schools have in place. A reasonable way to do this would be to interview the top 50% (60% seems too high for Wharton -- I am going to assume it is closer to 45-50% unless you can provide a credible source) of candidates in each demographic and then weed out all but the best performers in each group. Some groups will be larger than others of course, so for ex. they probably interview more management consultants than nonprofits. This assures that the schools both select the best possible group from those available on a demographic adjusted basis as well as maintain a bench of qualified people "in the cue" in case they get stolen away by other schools. This is supported by the fact that Harvard and Stanford interview a smaller number of people because they basically know that almost none of the people given offers will turn them down.
I can't prove this, but I suspect that one of the reasons that so many people get dinged after the interview is because, even if the school interviews the top 50% in one demographic, the demand for a seat in that class may be much higher than the supply of seats for that demographic. For example take Wharton again. How many engineers apply every year? Out of the 6,000+ applicants, I would not be surprised to see 1,000 engineers apply. So assume 800 are qualified and they interview 400. There are simply not 400 seats for engineers in the class. Maybe they have 200 seats, so they admit or waitlist half of these people. They waitlist people who are good enough to get in but not so oustanding that they are "must haves." This allows the schools to see what the applicant strength is in the later rounds, thereby freeing them up to, again, create the best possible class. This is why the schools have repeatedly and vociferously indicated that the waitlist is not ranked--they pull from the waitlist on an opportunistic basis, as in, "Oh? We lost our best chemical engineer to Harvard? Let's pull our second choice off the waitlist. There, we filled the class to the best of our ability."
Admittedly, the demographic argument is a bit of a black box, but it makes a lot more sense than your argument, which is basically that the schools are being unfair to people by getting their hopes up, as if the adcom is sitting around saying, "Hm, let's figure out how to crush this guy's hopes... oh, let's invite him for an interview even though we would never admit him." There is absolutely no motivation whatsoever to do this, and there is actually a disincentive in the form of not wanting to waste their own, their students' and their alums' time, not to mention that the last thing the adcom wants to do is create more admin work for itself. The fact that they interview so many people is a biatch, but there you go, that's life.
Citing Haas, which is a small, quirky program does not prove or disprove anything. One school a trend does not make. Besides, Haas may be like Tuck in that they approach yield by making very sure that they only interview people that are deeply interested in Haas so that they do not become a back up school for people who fail to get into H / S / W. Some of these people will inevitably get into H / S / W anyway, hence the lower yield. I don't know that much about Haas, but this would not surprise me. If you still believe that one school breaks my argument, you need to provide a convincing reason.
Anyway, good discussion -- hopefully we can agree to disagree if nothing else.