Pay as you bid COE

[greenies]

But an "expert" commented on the news that this is not an efficient system. This is what Prof Ng Yew Kwang - Division of Economics, NTU says.

"Under the Pay As you Bid system , everyone must underbid, and then different people have different psychology. Some underbid by a lot, and some underbid by less. Then the item may go to the wrong person, to the person who may not value it very highly"

Under Pappies rules and regulations, policy makers are worried of underbid - e.g. land sale (if bid lower than their set price, the sale will be called off).
In the end, all those price war by riches together with favorable gov. policies, causes the people, the citizens, the commoners to pay dearly.

 

[hockbeng]

If everyone bids $1, then who gets the COEs? First come first served?

Balloting then.
Next round sure no more $1 COE.

 

[@rmadill0]

If everyone bids $1, then who gets the COEs? First come first served?

If all bid S$1, no award. The COEs go to the next round.

In fact, as long as there are more people with the same bid than the available COE to go around, those COEs should not be awarded and placed for the next round.

For example, 1000 COEs available. Bids ranked between 951 - 1001 are all S$5,000. No award for the last 50 COEs.

 

[BuiKia]

I have been suggesting the "Pay as you Bid" idea for years. They will not implement it as this benefit the general public but not the rich.

It may also drive the COE down...why should the politicians rock the boat when it is bringing in good money for them at the moment?

This just came in at the currently broadcast 9.30pm news on Pay as you bid COE system. I think this system makes a lot of sense. If you want the COE, you give it a value. If you want it badly, you bid higher and you pay according to what you bid.

But an "expert" commented on the news that this is not an efficient system. This is what Prof Ng Yew Kwang - Division of Economics, NTU says.

"Under the Pay As you Bid system , everyone must underbid, and then different people have different psychology. Some underbid by a lot, and some underbid by less. Then the item may go to the wrong person, to the person who may not value it very highly"

Can I ask for help here - what exactly is this expert saying????

Is he saying COE must be valued highly so that it goes to the right person?? Funny expert leh!!

 

[soIsee]

Balloting then.
Next round sure no more $1 COE.

Exactly, I been saying this for a long time. If the white scums are really interested in controlling the numbers of cars then balloting, will ensure only those numbers will be taken.

But in truth, the white scums are NOT interested to solve any of your problems.

What if a rich mother fucker who rub shoulders with the white scums does not get the COE thru ballot as his luck sucks?

They are only interested in taking in more money, enriching themselves and their cronies.

And creating more problems.

 

[greenies]

If all bid S$1, no award. The COEs go to the next round.

In fact, as long as there are more people with the same bid than the available COE to go around, those COEs should not be awarded and placed for the next round.

For example, 1000 COEs available. Bids ranked between 951 - 1001 are all S$5,000. No award for the last 50 COEs.

As long as we do not allow car dealers to bid for COE on behalf, the bid price would be fair enough.
Each buyer to make his/ her own bid through Singpass in order to prevent cheating by car dealers.
No one wants to give his/ her Singpass to stranger.
At present, COE bid is with name and ic number.

 

[Kuailan]

Underbid means less money in leegime's coffers la.
I've been advocating this for the longest time.
Owners bud themselves also and cut out dealers from budding exercise.
Expect to see fireworks in the open category for those buyers who buy supercars where money no object.

High handed LTA will not approve of the "Bid as you pay", b'cos they will get
lesser amount of money!! the Director of LTA will get less bonus, right I am sure
the boss of LTA get million dollar bonus!! from this Leegime1

 

[SgParent]

The Pay as you bid will work only if you the count down to the quota starts from the highest bidder, not the lowest bidder. So the Professor is wrong, since he may be thinking the quota is counted upwards from the lowest bidder.

if it's bidding for something you want, of course the higher bids got them 1st what?

what kind of embarrassingly stupid prof will think it the other way around? he thinks it's bidding for 1 night with ho jinx?

 

[SgParent]

If everyone bids $1, then who gets the COEs? First come first served?

yes. or lucky draw

 

[escher]

All this fucking shit is to screw and fuck singkies of billions into smear of shit on sole of shoe LKY stinkapore sovereign funds and the pay of his stooges PAP walking bags of excrement, kangaroos and civil serpents.

But sinkies voted for that.
Sinkies got what they voted for
not more
not less

 

[winners]

Pay-as-you-bid is good and practical, so should be imposed from the next COE bidding.
Disallow dealers to bid on the buyer's behalf.
COE must be paid in cash upfront and not included in the car loan amount.

With all the above in place, only those really in need of a car will ever consider to bid for the COE. Period.

 

[syed putra]

Why don;t you work in singapore but send your family to brunei.
No income tax, no COE, no car import tax and road tax is maybe B$20-200 only.
Every week, fly to brunei.

 

[Narong Wongwan]

Why don;t you work in singapore but send your family to brunei.
No income tax, no COE, no car import tax and road tax is maybe B$20-200 only.
Every week, fly to brunei.

Not to mention petrol prices same same as mineral water....

 

[oratedar]

pay as bid brings in more cash for their cows

You are assuming that the bidding pattern and amount will remain, I am assuming that bidders will now bid more realistically. LTA should at least try it out if they really want radical changes to COE system. Otherwise all those minor tweets into engine size, carbon emission, OMV etc will not work.

 

[Cestbon]

The Pay as you bid will work only if you the count down to the quota starts from the highest bidder, not the lowest bidder. So the Professor is wrong, since he may be thinking the quota is counted upwards from the lowest bidder.

E.g. if the quota is for the first 5 successful bids for sake of argument, and the bids are $100,000, $85,000, $50,000, $23,000, $10,000, $9,800, $1000 and $500. Then the successful bids are $100K, 85K, 50K, 23K and 10K. So if you underbid at <10K, you will miss the boat.

If the quota is counted from the lowest bid, then the successful bids are $500, 1000, 9800, 10000, 23,000. So next time people might want to bid below $500 even. Then the Prof is right. It will not encourage realistic bids that reflect the state of want.

The PAYB system will be better. It will make bids more realistic. See the guy who bid $100,000 will have to pay $100,000 when $10,000 could have secured the COE. He ends up overpaying by $90,000! Next time, he will not be too garang.

Agree with u above calculation.
That Prof Wong dont know study which school.
Must count from top/highest. So the big player car dealer will be fuck.

 

[klkang]

See below, came out today, main takeaway for me is :
- not implementing "pay as you bid" system
- not banning dealer's bidding


meaning we continue to be screwed....

WTF..
****
Transport Minister Lui Tuck Yew announced Monday morning that engine power will be included as a new criterion in categorising vehicles in Certificate of Entitlement (COE) bidding exercises starting February 2014.

Under the change, the engine power of any car in category A (small cars) should not exceed 97 kilowatts (kW) – equivalent to about 130 brake horsepower.

This comes on top of the existing small cars criterion that the engine capacity of any cat A car should not exceed 1,600cc.

This means that current car models such as the Mercedes Benz C180 (engine power 115kW), BMW 118i (125kW) and the Mini Cooper S (135kW) will be grouped together with cat B cars (above 1,600cc).

The new categorisation is expected to better level the playing field for mass market cars like Toyota, Mitsubishi, Suzuki in the cat A segment, which is now being dominated by premium cars.

In the first seven months of this year, luxury brands such as BMW and Mercedes-Benz made up 70 per cent of new car sales in the small car category – a sharp increase from less than 50 per cent a year ago, reported The Straits Times.

But Minister Lui said the Land Transport Authority (LTA) will not implement a multiple car surcharge on owners due to various “unenforceable loopholes that can be easily exploited.”

Instead, it will implement other taxes outside of the COE system to enhance social equity.

There was a lack of consensus on a a Pay-As-You-Bid system and a ban on dealers bidding on COE, said minister Lui, so these suggestions will also not be implemented.

He explained that “a Pay-As-You-Bid COE system may not lead to lower prices as prices are driven by demand”.

There will also be no ban on dealers bidding for COE on behalf of buyers as “most prefer the convenience of this service”, added Lui.
The minister also said that he was “heartened” that there is general acceptance that the COE system, although not perfect, is fundamentally sound.

The changes to the COE system were made after LTA sought feedback from the public, motor industry and academics on the COE framework and multiple car ownership from May to July.

 

[TopSage]

The Pay as you bid will work only if you the count down to the quota starts from the highest bidder, not the lowest bidder. So the Professor is wrong, since he may be thinking the quota is counted upwards from the lowest bidder.

E.g. if the quota is for the first 5 successful bids for sake of argument, and the bids are $100,000, $85,000, $50,000, $23,000, $10,000, $9,800, $1000 and $500. Then the successful bids are $100K, 85K, 50K, 23K and 10K. So if you underbid at <10K, you will miss the boat.

If the quota is counted from the lowest bid, then the successful bids are $500, 1000, 9800, 10000, 23,000. So next time people might want to bid below $500 even. Then the Prof is right. It will not encourage realistic bids that reflect the state of want.

The PAYB system will be better. It will make bids more realistic. See the guy who bid $100,000 will have to pay $100,000 when $10,000 could have secured the COE. He ends up overpaying by $90,000! Next time, he will not be too garang.

It is just too stupid to count successful bids from the lowest up. IT DOES NOT MAKE SENSE!!! How can the professor be thinking of this! Everyone will just bid $0 or $1 which ever is the minimum allowed

 

[TopSage]

This just came in at the currently broadcast 9.30pm news on Pay as you bid COE system. I think this system makes a lot of sense. If you want the COE, you give it a value. If you want it badly, you bid higher and you pay according to what you bid.

But an "expert" commented on the news that this is not an efficient system. This is what Prof Ng Yew Kwang - Division of Economics, NTU says.

"Under the Pay As you Bid system , everyone must underbid, and then different people have different psychology. Some underbid by a lot, and some underbid by less. Then the item may go to the wrong person, to the person who may not value it very highly"

Can I ask for help here - what exactly is this expert saying????

Is he saying COE must be valued highly so that it goes to the right person?? Funny expert leh!!

I think the professor is talking nonsense...that is all. If you value something higher than another person you will bid higher...thats all.

Right now lowest successful bid means people bid irresponsibly and pay the lowest - they are thoughtless in the bid because whatever they
bid, they pay the lowest successful.

The other change is to disallow car dealers from bidding. A person must bid from his own account. There are other motivation for dealers to bid high
which is to corner the market to sell their cars and so on.

In any case, the govt has to try something ...not to be seen as doing nothing. The above 2 suggestions have been around for the longest time.
Even if it doesn't work ...so what?!!! I don't think it will make things worse than they already are.

 

[oratedar]

I think the professor is talking nonsense...that is all. If you value something higher than another person you will bid higher...thats all.

Right now lowest successful bid means people bid irresponsibly and pay the lowest - they are thoughtless in the bid because whatever they
bid, they pay the lowest successful.

The other change is to disallow car dealers from bidding. A person must bid from his own account. There are other motivation for dealers to bid high
which is to corner the market to sell their cars and so on.

In any case, the govt has to try something ...not to be seen as doing nothing. The above 2 suggestions have been around for the longest time.
Even if it doesn't work ...so what?!!! I don't think it will make things worse than they already are.

Pap fear the pay as bid system works and bring down coe prices. That's why they don't dare to implement it.

 

[oli9]

But Minister Lui said the Land Transport Authority (LTA) will not implement a multiple car surcharge on owners due to various “unenforceable loopholes that can be easily exploited.”

Instead, it will implement other taxes outside of the COE system to enhance social equity.

What is "unenforceable loopholes"? Is Lui saying he dont dare to offend the rich? Cmon, if this joker wants to have a "social equity" to car ownership, how is that social equitable when some elites are seen to have more than 1 car? DIU HEI LOU MOU!!!!!