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marginal social damage (QO)<br />The total cost, private and non-private, to society of producing another unit of a good or service injurious to people and the environment, e.g. a chemical works with pollutant by-products will increase the private costs of its owner and also any member of society coming into contact with the pollution. There is no incentive to abate pollution if the marginal cost of abatement is greater than the marginal social damage.<br /><em>See also:</em> marginal cost of abatement; marginal private damage
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deprival value (M4)<br />A measure of the value of an asset to its owner; the lower of the replacement cost or ECONOMIC VALUE.<br /> See also: Sandilands Report
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