Spectrum Flash Dance: Eli Noam's Proposal for "Open Access" to Radio Waves
AbstractAs Ronald Coase posited in his famous article on the nature of the firm, there are situations in which decentralized markets are relatively efficient for coordinating economic activity, and situations in which they are not. With spectrum access, assigning property rights to clearly specified private owners is the socially efficient policy because the relevant transaction efficiencies will be internalized by competitive "spectrum owners" selecting to what degree rights should be subdivided and in what manner marketed. Where spot markets are optimal, an owner will maximize profits by using them; where long-term contracts are efficient, the owner will enter profitably into them. Hence, Eli Noam's solution--imposing open-access rules on bands of radio frequencies by government mandate--is a mistaken attempt to duplicate the efficiencies of markets by mandating a particular subset of market solutions. Such a policy predictably will result in underutilization of the spectrum resource. Copyright 1998 by the University of Chicago.
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Bibliographic InfoArticle provided by University of Chicago Press in its journal Journal of Law & Economics.
Volume (Year): 41 (1998)
Issue (Month): 2 (October)
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- Freyens, Benoît, 2009. "A policy spectrum for spectrum economics," Information Economics and Policy, Elsevier, vol. 21(2), pages 128-144, June.
- McAfee, R. Preston & Miller, ALan, 2010.
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- Fulvio Minervini & Diego Piacentino, 2007. "Spectrum Management and Regulation: Towards a Full-Fledged Market for Spectrum Bands?," Working Papers 07-2007, Macerata University, Department of Studies on Economic Development (DiSSE), revised Nov 2008.
- Farber, David J. & Faulhaber, Gerald R., 2002. "Spectrum Management: Property Rights, Markets, and The Commons," Working paper 116, Regulation2point0.
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