Please use this identifier to cite or link to this item:
|Title:||Sealed v/s open bids for certificates of entitlement under the vehicle quota system in Singapore|
|Keywords:||Certificate of entitlement|
Uniform price auction
Vehicle quota system
|Citation:||Chu, S. (2011). Sealed v/s open bids for certificates of entitlement under the vehicle quota system in Singapore. Transportation 38 (2) : 215-226. ScholarBank@NUS Repository. https://doi.org/10.1007/s11116-010-9298-5|
|Abstract:||The Vehicle Quota System manages vehicle ownership in Singapore by making the procurement of a Certificate of Entitlement (COE) a prerequisite for the registration of a new vehicle. The procurement is done during uniform price auctions of quotas of COEs currently held on a twice-a-month schedule. The auction format which started out as sealed bids in May 1990 changed to open bids in July 2001. This paper uses a regression model framework to investigate if this shift in auction format has resulted in lower COE premium volatility and a better reflection of demand and supply forces. The empirical results are pertinent to transport policy analysis. A suggestion in the form of incentives for early bids is also made to improve the efficiency of the open bids auction. © 2010 Springer Science+Business Media, LLC.|
|Appears in Collections:||Staff Publications|
Show full item record
Files in This Item:
There are no files associated with this item.
checked on May 19, 2018
WEB OF SCIENCETM
checked on Apr 10, 2018
checked on May 12, 2018
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.