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Control of vehicle ownership and market competition: theory and Singapore's experience with the vehicle quota system

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  • Koh, Winston T. H.

Abstract

This paper studies the impact of vehicle quota system on the market structure of Singapore's car distributorship industry. Using recently available data, we analyzed the populations and new registrations of different brands of passenger car and motorcycle. We found an increase in market concentration in the car distributorship industry, as the market shares of the top distributors have increased steadily, even though the annual growth rate of vehicle population is capped at 3% per annum. We also found that average dealership markups for passenger cars for the period August-September 2002 are similar to those reported in earlier studies. We relate these empirical findings to a theoretical model of a differentiated-good oligopoly operating under an industry sales constraint.

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Bibliographic Info

Article provided by Elsevier in its journal Transportation Research Part A: Policy and Practice.

Volume (Year): 37 (2003)
Issue (Month): 9 (November)
Pages: 749-770

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Handle: RePEc:eee:transa:v:37:y:2003:i:9:p:749-770

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References

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  1. Z.F. Li, Michael, 1999. "Estimating congestion toll by using traffic count data -- Singapore's area licensing scheme," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 35(1), pages 1-10, March.
  2. Phang, Sock-Yong, 1993. "Singapore's motor vehicle policy: Review of recent changes and a suggested alternative," Transportation Research Part A: Policy and Practice, Elsevier, vol. 27(4), pages 329-336, July.
  3. Ling Hui Tan, 2001. "Rationing Rules and Outcomes," IMF Working Papers 01/136, International Monetary Fund.
  4. Jean Tirole, 1988. "The Theory of Industrial Organization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262200716, December.
  5. Paul Milgrom & Robert J. Weber, 1981. "A Theory of Auctions and Competitive Bidding," Discussion Papers 447R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. Chin, Anthony & Smith, Peter, 1997. "Automobile ownership and government policy: The economics of Singapore's vehicle quota scheme," Transportation Research Part A: Policy and Practice, Elsevier, vol. 31(2), pages 129-140, March.
  7. J. Riley & E. Maskin, 1981. "Optimal Auctions with Risk Averse Buyers," Working papers 311, Massachusetts Institute of Technology (MIT), Department of Economics.
  8. Olszewski, Piotr & Fan, Henry S. L. & Tan, Yan-Weng, 1995. "Area-wide traffic speed-flow model for the Singapore CBD," Transportation Research Part A: Policy and Practice, Elsevier, vol. 29(4), pages 273-281, July.
  9. Chu, Singfat, 2002. "Auctioning rights to vehicle ownership: Singapore's experience with sealed-bid tenders," Transportation Research Part A: Policy and Practice, Elsevier, vol. 36(6), pages 555-561, July.
  10. Phang, Sock-Yong & Wong, Wing-Keung & Chia, Ngee-Choon, 1996. "Singapore's experience with car quotas : Issues and policy processes," Transport Policy, Elsevier, vol. 3(4), pages 145-153, October.
  11. Riley, John G & Samuelson, William F, 1981. "Optimal Auctions," American Economic Review, American Economic Association, vol. 71(3), pages 381-92, June.
  12. Willoughby, C., 2001. "Singapore's motorization policies 1960-2000," Transport Policy, Elsevier, vol. 8(2), pages 125-139, April.
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Cited by:
  1. Sing-Fat Chu & Winston T.H. Koh & Yiu Kuen Tse, 2003. "Expectations Formation and Forecasting of Vehicle Demand: An Empirical Study of the Vehicle Quota Auctions in Singapore," Working Papers 02-2004, Singapore Management University, School of Economics.
  2. Zhu, Shanjiang & Du, Longyuan & Zhang, Lei, 2013. "Rationing and pricing strategies for congestion mitigation: Behavioral theory, econometric model, and application in Beijing," Transportation Research Part B: Methodological, Elsevier, vol. 57(C), pages 210-224.
  3. Winston T.H. Koh, 2004. "Congestion Control and Vehicle Ownership Restriction: The Choice of an Optimal Quota Policy," Journal of Transport Economics and Policy, London School of Economics and University of Bath, vol. 38(3), pages 371-402, September.
  4. Hao, Han & Wang, Hewu & Ouyang, Minggao, 2011. "Comparison of policies on vehicle ownership and use between Beijing and Shanghai and their impacts on fuel consumption by passenger vehicles," Energy Policy, Elsevier, vol. 39(2), pages 1016-1021, February.

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