On any plausible view of welfare, the satisfaction people can feel when their desires are fulfilled constitutes an addition to their welfare. Likewise, on any plausible view, frustration felt as a result of unfulfilled desires constitutes a reduction in welfare. What is controversial is whether the fulfilment of someone’s desire constitutes a benefit to that person apart from any effect that the fulfilment of the desire has on that person’s felt satisfaction or frustration.  Hedonism answers No, claiming that only effects on felt satisfaction or felt frustration matter.