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Radio Spectrum And The Disruptive Clarity Of Ronald Coase, Vernon Smith, Thomas Hazlett, David Porter
Radio Spectrum And The Disruptive Clarity Of Ronald Coase, Vernon Smith, Thomas Hazlett, David Porter
Vernon L. Smith
In the Federal Communications Commission, Ronald Coase exposed deep foundations via normative argument buttressed by astute historical observation. The government controlled scarce frequencies, issuing sharply limited use rights. Spillovers were said to be otherwise endemic. Coase saw that Government limited conflicts by restricting uses; property owners perform an analogous function via the “price system.” The government solution was inefficient unless the net benefits of the alternative property regime were lower. Coase augured that the price system would outperform. His spectrum auction proposal was mocked by communications policy experts, opposed by industry interests, and ridiculed by policy makers. Hence, it took …
Radio Spectrum And The Disruptive Clarity Of Ronald Coase, Richard E. Redding, Thomas W. Hazlett, David Porter
Radio Spectrum And The Disruptive Clarity Of Ronald Coase, Richard E. Redding, Thomas W. Hazlett, David Porter
Richard E. Redding
In the Federal Communications Commission, Ronald Coase exposed deep foundations via normative argument buttressed by astute historical observation. The government controlled scarce frequencies, issuing sharply limited use rights. Spillovers were said to be otherwise endemic. Coase saw that Government limited conflicts by restricting uses; property owners perform an analogous function via the “price system.” The government solution was inefficient unless the net benefits of the alternative property regime were lower. Coase augured that the price system would outperform. His spectrum auction proposal was mocked by communications policy experts, opposed by industry interests, and ridiculed by policy makers. Hence, it took …