Auctions for Transferable Objects: Theory and Evidence from the Vehicle Quota System in Singapore
This paper studies the hypothesis that auctions with resale markets result in higher prices. The vehicle quota system introduced in Singapore in May 1990 provides the setting. The Certificates of Entitlement (COEs) necessary to purchase new cars were initially transferable for all quota categories....
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
1993
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/3374 https://ink.library.smu.edu.sg/context/lkcsb_research/article/4373/viewcontent/AuctionsVehicleQuotaSysSingapore_1993.pdf |
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| Institution: | Singapore Management University |
| Language: | English |