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^* \gamma CM energy (and hence x) and the usefulness of the easier to measure electron structure function.