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THIS PAPER DESCRIBES THE CONDITIONS NECESSARY FOR THE CORRECT APPLICATION OF THE WORKBACK METHOD OF VALUATION, AND PROVIDES AN ECONOMIC ANALYSIS OF TWO COURT CASES USING THAT METHOD IN THE HELIUM INDUSTRY. FURTHER, IT SHOWS WHY A CORRECT APPLICATION REQUIRES AN UNDERSTANDING OF MARKET STRUCTURE.

This article examines regulatory reform and some possible consequences of reform designed to increase the role that competition plays in the interstate natural gas pipeline industry. The analysis first provides a conceptual framework for viewing the "problem of natural monopoly" as a basis for regulation. It summarizes ways in which introducing competition for a market may be possible even if competition within a market is not possible–through competitive auctions, monopolistic competition, or contestability. The analysis then relates briefly to this framework the experiences of three U.S. industries that have undergone substantial reform during recent years–airlines, motor carriers, and railroads. Finally, it compares the natural gas pipeline industry with the others examined and suggests types of regulatory reform that might succeed–and those that might not succeed–in improving resource allocation.

and Statement of Purpose -- 1 The Inefficacy of Profit Level Regulation for the Natural Monopoly Markets of Diversified Firms -- A. An Economic Overview -- B. A Legal Overview -- 2 The Welfare Ingredients of Price Level Regulation: Incentives and Decisional Options -- A. The Firm's Incentives and their Welfare Implications -- B. Major Decisional Issues in a Price Level Regime -- 3 Assessing the Efficacy of Price Level Regulation for the Natural Monopoly Markets of Diversified Firms -- A. Potential Benefits of Price Level Regulation -- B. Potential Problems of Price Level Regulation -- 4 Implementing a Price Level Regime for Diversified Public Utilities -- A. As Applied to the Firm's Natural Monopoly Markets -- B. As Applied to Relationships between the Diversified Firm's Regulated and Unregulated Markets -- Conclusion -- Endnotes -- Afterword.

"Appreciation for comparative statics analysis and will be better prepared to interpret events in real markets. Learning-By-Doing exercises, embedded in the text of each Chapter, guide the student through specific numerical problems. We use three to ten Learning-By-Doing exercises in each Chapter and have designed them to illustrate the core ideas of the Chapter. They are integrated with the graphical and verbal exposition, so that students can clearly see, through the use of numbers and tangible algebraic relationships, what the graphs and words are striving to teach. These exercises set the student up to do similar practice problems as well as more difficult analytical problems at the end of each Chapter. As noted above, we have added to the already complete end-of-Chapter problem sets to give students and instructors more opportunity to assess student understanding. Chapters have between 20 and 35 end-of-Chapter exercises. There is at least one exercise for each of the topics covered in the Chapter, and the topics covered by the exercises generally follow the order of topics in the Chapter. At the end of the book, there are fully worked-out solutions to selected exercises."