During one year in the late 1990s, the Cornell Medical College received acceptances of offers of admissions from 20 more students than it could accommodate in its first year class. Not wanting to arbitrarily delay the entrance date of any admitted students, it offered all students who had accepted its offer of admissions the following deal: Cornell would provide one year of free tuition to the first 20 students who agreed to defer starting the program for a year. What factors should have influenced students’ thoughts about whether to accept this offer?