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Full-Text Articles in Asian Studies
Expectations Formation And Forecasting Of Vehicle Demand: An Empirical Study Of The Vehicle Quota Auctions In Singapore, Sing-Fat Chu, Winston T. H. Koh, Yiu Kuen Tse
Expectations Formation And Forecasting Of Vehicle Demand: An Empirical Study Of The Vehicle Quota Auctions In Singapore, Sing-Fat Chu, Winston T. H. Koh, Yiu Kuen Tse
Research Collection School Of Economics
This paper studies the expectations formation and forecasting of vehicle demand in Singapore under the vehicle quota system. Under the system, a car buyer must first bid for a vehicle license in monthly auctions in order to purchase a new car. We construct an econometric model to test the hypothesis that past bid distributions of the license auctions contain information that car buyers can use to update their expectations about the intensity of market demand, forecast the license premiums and formulate their bidding strategies in future auctions. Our empirical analysis indicates that past bid distributions have a good degree of …
Expectations Formation And Forecasting Of Vehicle Demand: An Empirical Study Of The Vehicle Quota Auctions In Singapore, Sing-Fat Chu, Winston T. H. Koh, Yiu Kuen Tse
Expectations Formation And Forecasting Of Vehicle Demand: An Empirical Study Of The Vehicle Quota Auctions In Singapore, Sing-Fat Chu, Winston T. H. Koh, Yiu Kuen Tse
Research Collection School Of Economics
This paper studies expectations formation and forecasting of vehicle demand in Singapore under the vehicle quota system. Under the system, a car buyer must first bid for a vehicle license in monthly auctions in order to purchase a new car. We construct an econometric model to test the hypothesis that past bid distributions of the license auctions contain information that car buyers can use to update their expectations about the intensity of market demand, forecast license premiums and formulate their bidding strategies in future auctions. Our empirical analysis indicates that past bid distributions have a good degree of predictive power …
Road Congestion Pricing In Singapore: 1975-2003, Sock-Yong Phang, Rex S. Toh
Road Congestion Pricing In Singapore: 1975-2003, Sock-Yong Phang, Rex S. Toh
Research Collection School Of Economics
Facing traffic congestion in the Central Business District and enormous demands on scarce land resources by the growing number of motor vehicles, Singapore, a small island city-state the size of Seattle, embarked on a bold decision to reduce road congestion by implementing the famous Area Licensing Scheme in 1975. This was a manual system of tolls for multiple entries into the Restricted Zone. While achieving the intended effect of cutting down on the volume of vehicular traffic in the Restricted Zone, the authors (and others) found that the problem of congestion had merely shifted in time and place. Many changes …
Congestion Control And Vehicle Ownership Restriction: The Choice Of An Optimal Quota Policy, Winston T. H. Koh
Congestion Control And Vehicle Ownership Restriction: The Choice Of An Optimal Quota Policy, Winston T. H. Koh
Research Collection School Of Economics
Singapore introduced a vehicle quota system (VQS) in 1990 as part of its overall policy to control urban congestion. While the VQS has reduced the annual growth rate of the vehicle population to about 3 per cent, it has created uncertainty in the cost of vehicle ownership due to the fluctuations in licence prices. This paper discusses three issues relating to the optimal design of a VQS: licence transferability, sub-categorisation, and the choice of an auction format. The analysis shows that licence transferability is not unambiguously desirable, sub-categorisation is highly regressive, and an open auction format results in less aggressive …