Admissions to undergraduate programs in the colleges of Delhi University happen through the so-called ‘cut-off’ system: colleges rank students based on marks in the school-leaving examination and for each program announce a “cut-off” mark. Every student whose score is above the cut-off is eligible to join the program. Since there is a common pool of students applying to different colleges and programs, not all students who are offered admissions in a program join. So the process has to be run in multiple rounds. In each round colleges guess the proportion of those offered admissions who would join. And at the end of each round they must reduce the cut-offs to fill the seats unfilled in the last round. As the cut-offs fall students who get offers from their more preferred programs leave the colleges they had joined in the earlier rounds, creating new vacancies.