caa a22 4500 445890762 CHVBK 20180317145615.0 cr unu---uuuuu 170323e20110301xx s 000 0 eng 10.1007/s11116-010-9298-5 doi (NATIONALLICENCE)springer-10.1007/s11116-010-9298-5 Chu Singfat NUS Business School, National University of Singapore, Mochtar Riady Building, 15 Kent Ridge Drive, 119245, Singapore, Singapore aut Sealed v/s open bids for certificates of entitlement under the vehicle quota system in Singapore [Elektronische Daten] [Singfat Chu] The Vehicle Quota System manages vehicle ownership in Singapore by making the procurement of a Certificate of Entitlement (COE) a prerequisite for the registration of a new vehicle. The procurement is done during uniform price auctions of quotas of COEs currently held on a twice-a-month schedule. The auction format which started out as sealed bids in May 1990 changed to open bids in July 2001. This paper uses a regression model framework to investigate if this shift in auction format has resulted in lower COE premium volatility and a better reflection of demand and supply forces. The empirical results are pertinent to transport policy analysis. A suggestion in the form of incentives for early bids is also made to improve the efficiency of the open bids auction. Springer Science+Business Media, LLC., 2010 Traffic management nationallicence Vehicle quota system nationallicence Certificate of entitlement nationallicence Uniform price auction nationallicence Open bid nationallicence Sealed bid nationallicence Transportation Springer US; http://www.springer-ny.com 38/2(2011-03-01), 215-226 0049-4488 38:2<215 2011 38 11116 https://doi.org/10.1007/s11116-010-9298-5 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11116-010-9298-5 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Chu Singfat NUS Business School, National University of Singapore, Mochtar Riady Building, 15 Kent Ridge Drive, 119245, Singapore, Singapore aut NATIONALLICENCE 773 0- Transportation Springer US; http://www.springer-ny.com 38/2(2011-03-01), 215-226 0049-4488 38:2<215 2011 38 11116 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer