IMHO, when making a permanent magic item, it is inappropriate to use "spell effect" formula for spells which has very short duration. I will go for "compare with simular item" method.
The most simular item could be a +2 Animated Ghost Touch mithral heavy shield, which provides you +4 Shield bonus which is effective against incorporeal things, has no armor check penalty nor arcane spell failure, yet does not occupy your hand.
The shield costs 20 (heavy metal shield) + 1,000 (mithral) +49,000 (+2 Animated Ghost Touch) =50,020 gp, or roughly 50k gp.
This could be a good start.
Still there are some differences
*Pros for Ring of Permanent Shield
Gives you immunity against Magic Missile.
Not a physical shield by the rule, so does not hamper various class abilities. For classes such as Monk, Dervish, Duelist, etc, this is very important advantage.
Shield made of force is unbreakable. Never sundered.
*Cons for Ring of Permanent Shield
Does occupy a Ring slot.
Cannot be farther enchanted, of cannot be subject to Magic Vestment spell.
Cannot be subject to Divine Shield feat.
It is hard to estimate the costs for those differences. But the biggest obvious difference could be the immunity against Magic Missile. It is like having permanent Spell Immunity effect. So, 4 x 7 x 2,000 = 56,000 gp, or roughly 50k gp.
Now, two roughly 50k gp worth properties (or powers) are sharing the same space, so one should be multiplied by 1.5. So now roughly, 125k gp.