Lee Kuo Chuen David
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Publication A Global Perspective on Central Bank Digital Currency(Taylor & Francis, 2021-01-20) David Kuo Chuen LEE; Li YAN; Yu WANG; STRATEGY AND POLICYPublication Auctions for transferable objects: Theory and evidence from the vehicle quota system in Singapore(1993) Th, W.K.; Kc, D.L.; BUSINESS POLICYThis paper studies the hypothesis that auctions with resale markets result in higher prices. The vehicle quota system introduced in Singapore in May 1990 provides the setting. The Certificates of Entitlement (COEs) necessary to purchase new cars were initially transferable for all quota categories. After October 1991, COEs for four major categories became non-transferable. Our results indicate that while the conversion to non-transferability eliminated speculation, it has also intensified competition among car distributors. Auctions for non-transferable COEs in fact led to higher COE prices in three of the four categories. © 1993 Faculty of Business Administration National University of Singapore.Publication The vehicle quota system in Singapore: An assessment(1994) Koh, W.T.H.; Lee, D.K.C.; BUSINESS POLICYThis paper reviews the developments since the vehicle quota system was introduced in Singapore in May 1990. We discuss the bidding strategies for the certificates of entitlement (COE) under both the transferable and nontransferable auctions, as well as the equity of the present system and the desirability of transferable COEs. We argue that the COE auction should be made discriminatory and propose an alternative system of COE auction that we feel is both equitable and at the same time politically acceptable. We also survey developments in market competition in the car industry. © 1993.