<p>The per-capita PhD lists on the Reed site do tend to favor schools (like Reed) with fewer majors. If you check the underlying numbers at IPEDS, you see that CalTech and Harvey Mudd are per-capita way ahead of the others in their relatively few fields, but then the differences indeed become minor. But still, when you see Oberlin at the top of the raw totals lists, it’s partly because Oberlin is larger than the other LACs (but smaller than the big U’s!).</p>