Abstract
The pricing structure appropriate for a firm which faces a peak load problem,' as do most natural gas pipeline companies, has been subjected to a thorough examination in the economic literature over the past fifteen years.2 Unfortunately, that examination has been almost entirely theoretical, and has not been applied to the concrete problems faced by the Federal Power Commission in its task of regulating gas pipeline rates; and the FPC, in developing a body of law which has, at best, a vague relation to a rational basis, has demonstrated its need for the assistance of experts.3 However, the FPC does not bear sole responsibility for this irrational development, since the
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