@Twoin18 Please, before you criticize what I say, please read it.
Let me put this in another way
I think that we agree that a person who buys tickets to many lotteries has a probability of winning at least one prize that is equal to the product of the probabilities of winning each. The more tickets they buy for each lottery, the higher the chance that they will win that lottery, but that does not change the way you calculate the probability of winning at least one prize in any lottery.
Now assume that a person is required to buy the same number of tickets for all lotteries. So if you buy 10 Superbowl tickets, you need to buy 10 Big Game tickets, etc. You have now added a correlation between the chances that an individual will win one lottery with the probability that they will win another lottery. However, that still does not affect the way you calculate the probability of winning at least one prize. You calculate the probability of winning each lottery, based on the number of tickets you bought from that lottery, and then calculate the probability of winning at least one prize using the product of all the probabilities which are specific to the specific number of tickets that person bought.
Now let’s go to the colleges. Since each college looks at the profile of a student independently of other colleges, but acceptance probability to each college is dependent on the shared profile of the student.
What we are looking at for each student is the specific probability of acceptance of a student with a particular profile to a specific college. This IS independent of the probability that a student of this profile will be accepted in another college. Of of the 100 unhooked students with 4.0 GPAs, SATs of 1600, and three international awards, and two leadership positions who are applying to Harvard, 30 will be accepted this year, giving each a 30% chance of being accepted, while, of these same 100 kids, Yale will accept 42, giving them a 42% chance. So the probability that they will be accepted to at least of of those two is 40.6%. So long as we are looking at students who share the same values for all the factors which are considered in similar fashion by both Harvard and Yale, we are controlling for the factors which create the correlation between chances of acceptance to Harvard and Yale. Once we have removed the effect of profile, the chances of acceptance are now independent.
What you cannot do is calculate the probability of an applicant being accepted to a college by using the average acceptance rate of the college, and you cannot calculate the probability of being accepted to at least one college by using 1 - product of the average probability of rejections in each college.
“multiply the chances that an applicant has to be accepted at each college, given their stats and profile. That will provide the probability that they will be accepted to at least one college”. Actually, I had that backwards. You need to multiply the chances of them being rejected and then do = 1 - the product.
PS. Lottery tickets are actually nor really independent. It is sampling without replacement, so with every lottery ticket bought, the probability of getting a winning a prize with the next ticket increases. Not by a lot, but by more than 0.