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wedrifid comments on Gains from trade: Slug versus Galaxy - how much would I give up to control you? - Less Wrong
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Do you mean not possible for humans with current tools or theoretically impossible? (It seems to me that in principle human preferences can be mapped to something like a utility function in a way that is at least useful, even if not ideal.)
That's a whole conversation! I probably shouldn't start talking about this, since I don't have the time to do it justice.
In the main, I feel that humans are not easily modelled by a utility function, but we have meta-preferences that cause us to hate facing the kind of trade-offs that utility functions imply. I'd bet most people would pay to not have their preferences replaced with a utility function, no matter how well defined it was.
But that's a conversation for after the baby!