Abstract
The problem of regulating prices, investment, quality and pollution in the water industry in England and Wales is discussed. The existence of separate regulators with different objectives creates the potential for inefficiency. The economic characteristics of the water supply process (local natural monopoly conditions, long asset lives and the roles of quality and pollution) are described and the new regulatory structure in England and Wales is assessed. It is argued that cost-benefit analysis should play a greater role in the setting and policing of pollution and quality standards, and that economic instruments should be used for pollution control. Copyright 1993 by Oxford University Press.
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