Our object in this paper is to study the antecedents, contents, implications, and impact of a not well-known or appreciated paper by EHRENFEST in 1911 on the essential nature of the different quantum hypotheses in radiation theory. After a careful analysis of EHRENFEST’s notebooks, correspondence, and publications, we conclude that the essential points of EHRENFEST’s paper were not perceived to a large extent, and hence that its implications were not considered thoroughly. Specifically, we show that EHRENFEST contributed significantly to the (...) clarifications of the differences between PLANCK’s and EINSTEIN’s respective quantum hypotheses, as well as to those of the concepts ‘‘discontinuity,’’ ‘‘quantization,’’ and ‘‘corpuscularity.’’. (shrink)