From: Hal Finney (hal@rain.org)
Date: Fri Jan 08 1999 - 14:47:43 MST
Suppose you set up a radio system on your property, just for personal
use, such that not much radio energy leaks onto your neighbors. But the
guy next door is trying to build a radio telescope, and his equipment
is so sensitive that your low power transmissions interfere with his
observations.
He ought to be able to come to you and pay you not to emit radio waves of
a frequency and power level which will interfere with your observations.
I'm sure that we will all agree that this would be a legitimate contract.
Furthermore, so that he does not face the risk that a new owner of your
property will disrupt his work, he would like to make this contract pass
on to future owners. It can be a restrictive covenant in the property
deed, so that any future owner is bound by the same restriction. Such
covenants are commonly used and should not be objectionable.
Another way to think of this is that you have sold him the right to
use this part of the EM spectrum in this way on your property. This
view of the transaction is compatible with the contractual approach,
I think.
However the property-based perspective offers more flexibility. It
suggests the possibility of further selling the EM emission rights,
or packaging rights purchased from a group of people so that they
can be sold for greater value.
It seems that the view of the EM spectrum as property is consistent with
the view that people have the right to do what they want on their own
property, as long as you set up the initial allocations correctly. Start
off with the rights in the hands of individuals, and let them sell them
as they wish.
After a short startup period, you'll end up with the same situation
you'd have today if the FCC auctioned off the spectrum, to a first
approximation. The spectrum would be bought and sold on the basis
of economic value rather than political influence, and you'd get the
benefits of increased efficiency.
Hal
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