In his elegant demonstration of the fundamental limitation of Steiner's theory of peak load pricing Buchanan has correctly retained Steiner's analytical technique and all but one of the original assumptions. Buchanan has made his point with admirable clarity; yet it seems worthwhile to re‐examine the issue with the aid of indifference map analysis, as it facilitates the location of Paretian equilibria and also the easy relaxation of the main restrictive assumptions.
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