The price of owning a car: an analysis of auction quota premium in Singapore

Autor:	Soo Keong Yong, Mark T. Hon
Rok vydání:	2004
Předmět:	Macroeconomics Economics and Econometrics Dummy variable Outlier Time series approach Econometrics Economics Land resources Stock market index
Zdroj:	Applied Economics. 36:739-751
ISSN:	1466-4283 0003-6846
DOI:	10.1080/0003684042000222115
Popis:	Faced with dilemmas parallel to countries besieged by road congestions and limited land resources, Singapore has chosen to adapt a Vehicle Quota System (VQS) whereby car owners are required to bid for a licence in an auction before their vehicles are allowed onto the road. In this study, the behaviour of VQS auction prices is examined using a structural time series approach. For outliers that are not observable from innovations, auxiliary residuals with dummy variables are used to supplement the analysis. In general, prices exhibit a fairly constant seasonal pattern. The inclusion of monthly VQS quotas released by the transport regulatory body and the national stock market index is not useful in explaining the observed price behaviour. Interestingly, a basic structural model with stochastic components seems to fit the data best.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::0eeb27bb621b17f16c1cf525109fa6fa https://doi.org/10.1080/0003684042000222115 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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