Reach schools can manifest the same qualities. They appear on often heterogeneous lists for who knows what reason – perhaps the school’s popularity itself is all that makes it desirable to the applicant – then, if offered a spot at one, the student is likely to accept the offer, irrespective of intrinsic factors, because the feeling of having won a prize may prove irresistible. However, there may be a rationality to the marketplace that I’m failing recognize.