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The marginal private cost is less than the marginal social or public cost by the amount of the external cost, i.e., the cost of air pollution and water pollution. This is represented by the vertical distance between the two supply curves. It is assumed that there are no external benefits, so that social benefit equals individual benefit.
Nonpoint sources are the most significant single source of water pollution in the United States, accounting for almost half of all water pollution, [1] and agricultural runoff is the single largest source of nonpoint source water pollution. [2] This water pollution has a number of detrimental effects on human health and the environment.
Fair river sharing is a kind of a fair division problem in which the waters of a river has to be divided among countries located along the river. It differs from other fair division problems in that the resource to be divided—the water—flows in one direction—from upstream countries to downstream countries.
A practical definition of water pollution is: "Water pollution is the addition of substances or energy forms that directly or indirectly alter the nature of the water body in such a manner that negatively affects its legitimate uses." [1]: 6 Water is typically referred to as polluted when it is impaired by anthropogenic contaminants.
The first benefit (or dividend) is the benefit or welfare gain resulting from a better environment and less pollution (caused by a Pigouvian tax imposed on the producer), and the second dividend or benefit is a more efficient tax system due to a reduction in the distortions of the revenue-raising tax system, which also produces an improvement ...
This is the level at which, in the long-term, the marginal cost of leakage control is equal to the marginal benefit of the water saved. The rate of reduction in leakage has slowed for many companies because the most obvious causes of leakage have been detected and addressed, leaving only less apparent leakage problems. [ 23 ]
The commercialization of water is offered as a response to the increased scarcity of water that has resulted due to the world population tripling while the demand for water has increased six-fold. Market environmentalism uses the markets as a solution to environmental problems such as environmental degradation and an inefficient use of resources.
Usually, permitted point sources of water pollution, such as wastewater treatment plants, have high discharge treatment costs, whereas nonpoint sources of water pollution, such as agriculture, have low costs of pollution reduction. Therefore, it is generally assumed that most trades would take place between point sources and nonpoint sources. [54]