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Response to Brown


We very much appreciate the opportunity to comment briefly on Professor Brown's review of our book, Regulatory Risk: Economic Principles and Applications to Natural Gas Pipelines and Other Industries ("Regulatory Risk"). Professor Brown's review expresses concern that our book: (1) does not address a wider set of issues, (2) addresses issues that are rapidly becoming obsolete due to growing competition, and (3) offers analogies to matters such as "moral hazard" that needlessly create controversy.

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