B31.3 stress evaluation is based on the maximum shear stress (Tresca) theory but it is simplified. Remember that the codes were written long before we all had fast PCs and software. (Up until a few years ago, B31.3 calculation could be performed with a slide rule.)
You could say that the required wall thickness for pressure calculation is a maximum principle stress (Rankine Theory) check based on hoop stress alone.
Edited by Dave Diehl (03/29/15 02:31 AM)
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Dave Diehl