This paper explains the economic conception of water - how economists think about water. It consists of two main sections. First, it reviews the economic concept of value, explains how it is measured, and discusses how this has been applied to water in various ways. Then it considers the debate...

This paper explains the economic conception of water - how economists think about water. It consists of two main sections. First, it reviews the economicconcept of value, explains how it is measured, and discusses how this has been applied to water in various ways. Then it considers the debate...

Water suppliers have been adopting new rate structures to promote conservation. The shift away from rates based on historical average cost toward rates based on marginal cost has been motivated by the desire to send consumers the "right" price signal about the need to conserve drinking water....