THE STRUCTURE FUNCTION F_2^{\gamma}(x,Q^2) AT LEP2

The unique nature of the photon can be investigated in hitherto unexplored kinematic regions at LEP2. We discuss the theoretical significance of deep inelastic measurements and present a prescription that allows a theoretically and experimentally sensible separation of the so-called anomalous' and hadronic’ components of the target photon. We perform preliminary studies regarding the ability to reconstruct the ${\gamma }^{\ast }\gamma$ CM energy (and hence $x$) and the usefulness of the easier to measure electron structure function.