Considerable interest has been expressed recently in prospects for water quality trading markets between nutrient sources in the Chesapeake Bay Watershed. Allowing such flexibility in response to the terms of recently announced total maximum daily load (TMDL) restrictions might considerably...

Since 1982, the U.S. Environmental Protection Agency has used benefit-cost analysis to evaluate many of its surface water quality regulations. Early regulations were aimed at controlling conventional and toxic pollutants that were directly linked to highly visible water quality problems. More...