The magnitude of experienced reward as a function of the pulse frequency and current in trains of fixed duration delivered to the medial forebrain bundle of the rat was measured using a new psychophysical method in which the parameters of the brain stimulation reward on one lever are adjusted to offset the effect of changing the rate of reward on a competing lever. Subjective reward magnitude is a steep sigmoidal function of both pulse frequency and current. The growth of reward to its half-maximal level was approximated by a power function with an exponent that varied from 2 to 10. Within a subject, the exponent was the same for both current and pulse frequency, which supports the hypothesis that the magnitude of reward from a train of fixed duration is determined by the rate at which action potentials are generated in the population of reward-relevant axons (the counter hypothesis). This rate is proportional to Current x Pulse Frequency.