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Jeremy Bentham, a British utilitarian, believed that one could develop a hedonistic calculus to determine what the ethically correct choice in any given situation. Being a utilitarian he believed that only acts that produced more pleasure in the world than pain were ethical. In An Introduction to the Principles of Morals and Legislation he lays out the way in which be believes that you can actually calculate the moral rightness or wrongness of an action. He lays out seven basic factors that go into this calculation:

Zero: The intensity of the pleasure or pain.
One: The duration of the pleasure or pain.
Two: The probability that the pleasure or pain will actually follow from the action that you are contemplating.
Three: The propinquity or remoteness of the pleasure or pain. (i.e. how much time will elapse before anyone experiences the pleasure or pain)
Four: The fecundity of the pleasure or pain. How likely is it that a pleasure will lead to more pleasure or a pain to more pain.
Five: The purity of the pleasure or pain. How likely is it that the a pleasure will not be followed by pain or that a pain will not be followed by pleasure.
Six: The extent of the pleasure or pain. How many people are affected by it.

To actually calculate the moral rightness or wrongness of an act you simply think of all the possible pleasures or pains that could result from that act. You then determine the value of the six factors above for each of the possible pleasures and pains. Then for each pleasure or pain you take intensity times duration times probability times extent. Sum up those results and take propinquity, fecundity, and purity into consideration as mitigating factors. If you end up with more hedons than dolors then the act is justified by the principle of utility otherwise it is not.

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