MIT

I think this about says it all:

"Dear Mr. Hedlund,

Thank you for your recent application to the Economics Ph.D. program. Our admissions committee has reviewed the applications and made the difficult decisions of whom to admit. Unfortunately, you have not been admitted to the program.

Please keep in mind that we received approximately 700 applications for 20-22 places in our program. There are many well-qualified applicants we were not able to admit due to lack of space in our program. We greatly appreciate your interest in MIT and wish you the best of luck in your future studies."