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Title: The price of owning a car: An analysis of auction quota premium in Singapore
Authors: Hon, M.T.
Yong, S.-K. 
Issue Date: 2004
Citation: Hon, M.T., Yong, S.-K. (2004). The price of owning a car: An analysis of auction quota premium in Singapore. Applied Economics 36 (7) : 739-751. ScholarBank@NUS Repository.
Abstract: Faced with dilemmas parallel to countries besieged by road congestions and limited land resources, Singapore has chosen to adapt a Vehicle Quota System (VQS) whereby car owners are required to bid for a licence in an auction before their vehicles are allowed onto the road. In this study, the behaviour of VQS auction prices is examined using a structural time series approach. For outliers that are not observable from innovations, auxiliary residuals with dummy variables are used to supplement the analysis. In general, prices exhibit a fairly constant seasonal pattern. The inclusion of monthly VQS quotas released by the transport regulatory body and the national stock market index is not useful in explaining the observed price behaviour. Interestingly, a basic structural model with stochastic components seems to fit the data best. © 2004 Taylor and Francis Ltd.
Source Title: Applied Economics
ISSN: 00036846
DOI: 10.1080/0003684042000222115
Appears in Collections:Staff Publications

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