----------------- 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]