----------------- HES POSTING ----------------- 
Great riddles.  Yuri, some months ago I posted a query about Irving  
Fisher. Can I infer from your comment you may be something of a  
Fisher scholar?  The query was to understand a definition of value,  
attributed to Fisher, as "the present worth of future benefits."  I have  
been challenged after relying on the definition that it is circular, using  
value as a function of value.  I have responded that my understanding is  
that PW is a function of value - reflecting the time value of money - and  
value a function of benefits and how they are defined and counted.  Are  
you aware if the attribution is correct or if Fisher elaborated? 
 
Scott Cullen 
 
------------ FOOTER TO HES POSTING ------------ 
For information, send the message "info HES" to [log in to unmask]