Markets, Firms and Property Rights: A Celebration of the Research of Ronald Coase

Friday, December 4 to Saturday, December 5, 2009 - University of Chicago Law School Auditorium

This Conference brings together a group of scholars to honor the life and research of Ronald Coase. 2009 marks the 50^th anniversary of the publication of Coase's seminal paper on the Federal Communications Commission. 2010 marks the 50^th anniversary of the publication of his paper on "The Problem of Social Cost," and his 100^th birthday. The presentations on this occasion cover specific topics on which Coase's work has exerted profound influence, including such areas as telecommunications policy, airline regulation and development, environmental economics, economic development, organization of the firm, and general discussions of the questions of transactions costs and social rationality to which he has contributed so much.

With Special Thanks:
The Conference is being organized by Richard A. Epstein of the University of Chicago, Thomas Hazlett of George Mason University, and Roger Noll and Greg Rosston of Stanford University. These papers shall be published in special issues of the Journal of Law and Economics and the Journal of Legal Studies.

Sponsors include:
John M. Olin Program in Law and Economics at the University of Chicago Law School
Stanford Institute for Economic Policy Research
Information Economy Project at George Mason University
Ewing Marion Kauffman Foundation
Milton Friedman Institute for Research in Economics
George J. Stigler Center for the Study of the Economy and the State
China Center for Economic Research
Lynde and Harry Bradley Foundation

Participants include:

Conference Agenda:

Friday, December 4, 2009

8:00 a.m. - Breakfast

8:30 - 9:00 a.m. - Videotaped Remarks by Professor Coase

9:00 - 10:45 a.m. - Moderator: Lee Benham, Washington University, St. Louis

"The Effect of Allowance Allocation on Cap-and-Trade System Performance"
Robert Hahn, Smith School, University of Oxford
Robert Stavins, Harvard University

"Coase, Transaction Costs, and the Spread of the Rectangular Survey for Land Demarcation within the British Empire"
Gary Libecap, University of California, Santa Barbara
Dean Lueck, University of Arizona
Trever O'Grady, University of California, Santa Barbara

11:15 - 1:00 p.m. - Moderator: Sam Peltzman, University of Chicago

"Coase and the New Zealand Spectrum Reforms"
Charles Jackson, George Washington University

"Using Spectrum Auctions to Enhance Competition in Wireless Services"
Peter Cramton, University of Maryland
Evan Kwerel, Federal Communications Commission
Greg Rosston, Stanford University
Andy Skrzypacz, Stanford University

"Radio Spectrum and the Disruptive Clarity of Ronald Coase"
Thomas Hazlett, George Mason University
David Porter, Chapman University
Vernon Smith, Chapman University

1:00 - 2:00 p.m. - Lunch

2:00 - 3:45 p.m. - Panel 3

Moderator: Mary Shirley, Coase Institute

Opening Remarks
Douglass North, Washington University, St. Louis

"Reducing Transaction Costs through Securing Property Rights: What Are the Effects of Land Titling Policies?"
Sebastian Galiani, Washington University, St. Louis, Coase Institute Fellow

"Why the Entry Regulation of the China Mobile Phone Manufacturing Industry Collapsed: The Impact of Technological Innovation on Institutional Transformation"
Zhimin Liao, Harvard Law School and Beijing University, Coase Institute Fellow
Xiaofang Chen, Renmin University of China Law School, Coase Institute Fellow

"Let the Buyer - or Seller - Beware? How Housing Can Become Durable Lemons under Different Structures of Property Rights and Information"
Lennon H.T. Choy, The Hong Kong Polytechnic University, Coase Institute Fellow
K.W. Chau, The University of Hong Kong

4:15 - 5:45 p.m. - Panel 4

Moderator: Douglass North, Washington University, St. Louis

"How to Keep a Secret: The Decisive Advantage of Corporations"
Robert Cooter, University of California, Berkeley

"Regulatory Institutions and Economic Performance: Wireless Communications in Middle-Income Developing Nations"
Roger Noll, Stanford University

5:45 p.m. - Adjourn

Saturday, December 5, 2009

8:00 a.m. - Breakfast

8:30 - 10:15 a.m. - Panel 1

Moderator: Robert Topel, University of Chicago

"Competence as a Random Variable: One More Tribute to Ronald Coase"
Richard A. Epstein, University of Chicago

"R.H. Coase and the Neoclassical Model of the Economic System"
Harold Demsetz, UCLA

"Measuring Coase's Influence"
William Landes, University of Chicago

10:45 - 12:30 p.m. - Panel 2

Moderator: Omri Ben-Shahar, University of Chicago

"On the Limited Utility of Taxes as a Solution to the Externality Problem"
Steven Shavell, Harvard University

"Coase and the Mental Picture of Property Rights"
Thomas Merrill, Yale University

"Regulation and the Nature of the Firm: The Case of U.S. Regional Airlines"
Michael E. Levine, New York University

12:30 - 1:30 p.m. - Lunch

1:30 - 3:15 p.m. - Panel 3

Moderator: Michael Schill, University of Chicago

"Coase, Edgeworth, and Pigou"
Gary Becker, University of Chicago

"Commercial Advertising and the First Amendment"
Geoffrey Stone, University of Chicago

"Keynes and Coase"
Richard A. Posner, University of Chicago

3:15 PM - Adjourn

Of Special Note:

In celebration of Ronald Coase's 100^th birthday in December 2010, Wang Ning from the China Coase Society interviewed Professor Coase for the Unirule Institute of China conference in Beijing, "Coase and China." The interview deals with Coase's new paper on Chinese economic development. Read the interview with Professor Ronald Coase, by Wang Ning, Chicago, IL, December 2010.

Video Message from Professor Coase:

Video Coverage of Markets, Firms and Property Rights: A Celebration of the Research of Ronald Coase:

Friday Panel 1: Moderator: Lee Benham, Washington University, St. Louis; The Effect of Allowance Allocation on Cap-and-Trade System Performance, Robert Hahn, Smith School, University of Oxford, Robert Stavins, Harvard University; Coase, Transaction Costs, and the Spread of the Rectangular Survey for Land Demarcation within the British Empire, Gary Libecap, University of California, Santa Barbara, Dean Lueck, University of Arizona, Trever O'Grady, University of California, Santa Barbara

Friday Panel 2: Moderator: Sam Peltzman, University of Chicago; Coase and the New Zealand Spectrum Reforms, Charles Jackson, George Washington University; Using Spectrum Auctions to Enhance Competition in Wireless Services, Peter Cramton, University of Maryland, Evan Kwerel, Federal Communications Commission, Greg Rosston, Stanford University, Andy Skrzypacz, Stanford University; Radio Spectrum and the Disruptive Clarity of Ronald Coase, Thomas Hazlett, George Mason University, David Porter, Chapman University, Vernon Smith, Chapman University

Friday Panel 3: Moderators: Mary Shirley, Coase Institute; Opening Remarks, Douglass North, Washington University, St. Louis; Reducing Transaction Costs through Securing Property Rights: What Are the Effects of Land Titling Policies? Sebastian Galiani, Washington University, St. Louis, Coase Institute Fellow; Why the Entry Regulation of the China Mobile Phone Manufacturing Industry Collapsed: The Impact of Technological Innovation on Institutional Transformation, Zhimin Liao, Harvard Law School and Beijing University, Coase Institute Fellow, Xiaofang Chen, Renmin University of China Law School, Coase Institute Fellow; Let the Buyer - or Seller - Beware? How Housing Can Become Durable Lemons under Different Structures of Property Rights and Information, Lennon H.T. Choy, The Hong Kong Polytechnic University, Coase Institute Fellow, K.W. Chau, The University of Hong Kong

Friday Panel 4: Moderator: Douglas North, Washington University, St. Louis; How to Keep a Secret: The Decisive Advantage of Corporations, Robert Cooter, University of California, Berkeley; Regulatory Institutions and Economic Performance: Wireless Communications in Middle-Income Developing Nations, Roger Noll, Stanford University

Saturday Panel 1: Moderator: Robert Topel, University of Chicago; Competence as a Random Variable: One More Tribute to Ronald Coase, Richard A. Epstein, University of Chicago; R.H. Coase and the Neoclassical Model of the Economic System, Harold Demsetz, UCLA; Measuring Coase's Influence, William Landes, University of Chicago

Saturday Panel 2: Moderator: Omri Ben-Shahar, University of Chicago; On the Limited Utility of Taxes as a Solution to the Externality Problem, Steven Shavell, Harvard University; Coase and the Mental Picture of Property Rights, Thomas Merrill, Yale University; Regulation and the Nature of the Firm: The Case of U.S. Regional Airlines, Michael E. Levine, New York University

Saturday Panel 3: Moderator: Michael Schill, University of Chicago; Coase, Edgeworth, and Pigou, Gary Becker, University of Chicago; Commercial Advertising and the First Amendment, Geoffrey Stone, University of Chicago; Keynes and Coase, Richard A. Posner, University of Chicago