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Congestion Control and Vehicle Ownership Restriction: The Choice of an Optimal Quota Policy

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  • Winston T.H. Koh

Abstract

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 bidding and lower licence prices. © 2004 LSE and the University of Bath

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Bibliographic Info

Article provided by London School of Economics and University of Bath in its journal Journal of Transport Economics and Policy.

Volume (Year): 38 (2004)
Issue (Month): 3 (September)
Pages: 371-402

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Handle: RePEc:tpe:jtecpo:v:38:y:2004:i:3:p:371-402

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Web page: http://www.bath.ac.uk/e-journals/jtep

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  1. 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.
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  6. Liu, Louie Nan & McDonald, John F., 1998. "Efficient Congestion Tolls in the Presence of Unpriced Congestion: A Peak and Off-Peak Simulation Model," Journal of Urban Economics, Elsevier, vol. 44(3), pages 352-366, November.
  7. John G. Riley & William Samuelson, 1979. "Optimal Auctions," UCLA Economics Working Papers 152, UCLA Department of Economics.
  8. 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.
  9. McCarthy Patrick & Tay Richard, 1993. "Economic Efficiency vs Traffic Restraint: A Note on Singapore's Area License Scheme," Journal of Urban Economics, Elsevier, vol. 34(1), pages 96-100, July.
  10. Willoughby, C., 2001. "Singapore's motorization policies 1960-2000," Transport Policy, Elsevier, vol. 8(2), pages 125-139, April.
  11. Ling Hui Tan, 2001. "Rationing Rules and Outcomes," IMF Working Papers 01/136, International Monetary Fund.
  12. William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
  13. Koh, Winston T. H., 2003. "Control of vehicle ownership and market competition: theory and Singapore's experience with the vehicle quota system," Transportation Research Part A: Policy and Practice, Elsevier, vol. 37(9), pages 749-770, November.
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