<p>a lot of the “target” schools are also overrepresented with Penn having ED. At most, if not all, of these schools (mine included, it was one of the ones previously mentioned) the top 3-4% is virtually guarenteed a spot at Penn if they apply ED. Therefore, even if Penn is a close second with a school like Princeton or Harvard, a person will apply to Penn or Wharton ED to make sure they end up at one of them. Thus, something like 5% of the class ends up going to Penn, but there may only be 3 or 4 people going to other Ivies, which makes the total percentage going to top schools not as imbalanced.</p>