Saturday 12 November 2011

Economics of Land Transport in Singapore

Jointly developed by LTA and MOE and launched in August 2010 for A'Levels Economics students, this is a series of four case study videos that illustrate how economic concepts and principles apply to the land transport system in Singapore.

The Land Transport Masterplan:
Densely populated and highly urbanised, Singapore needs a good transport infrastructure that will improve productivity and attract foreign investments. The vision is a more people-centred land transport system that will meet the diverse needs of an inclusive, liveable and vibrant global city. Find out more about the blueprint that will help to achieve this vision - the Land Transport Masterplan (LTMP).

Market Structures and Public Transport Policy in Singapore:
The different modes of public transport in Singapore operate under different market structures, evolving with the needs of the commuters. In the early 1960s, public bus services operated in a monopolistic competition market as opposed to the duopolistic structure today. The mass rapid transit (MRT) system started off with a monopoly before evolving to a duopoly today. With lower barriers to entry and more firms entering the market, taxi services operate in an oligopoly. Find out why each industry is shaped as such and how they fit into the market structure continuum, and why government intervention is necessary.

Keeping Public Transport Fares Affordable:
Have you ever wondered how public transport fares are determined? Is it a simple case of the market forces of supply and demand or are there any other influences? Find out how prices are set and how regulation plays a part in keeping public transport fares affordable in Singapore.

Managing Traffic Contestion in Singapore:
With limited land area and competing needs for land usage, meeting the increasing travel demands of Singaporeans is a huge challenge in Singapore. Traffic congestion is a negative externality and results in market failure. What steps can the government take to tackle the problem of traffic congestion? Find out more about SIngapore's approach to managing traffic congestion.

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