Pigeons were presented with a concurrent-chains schedule in which the total time to primary reinforcement was equated for the two alternatives (VI 30 s VI 60 s vs. VI 60 s VI 30 s). In one set of conditions, the terminal links were signaled by the same stimulus, and in another set of conditions they were signaled by different stimuli. Choice was in favor of the shorter terminal link when the terminal links were differentially signaled but in favor of the shorter initial link (and longer terminal link) when the terminal links shared the same stimulus. Preference reversed regularly with reversals of the stimulus condition and was unrelated to the discrimination between the two terminal links during the nondifferential stimulus condition. The present results suggest that the relative value of the terminal-link stimuli and the relative rate of conditioned reinforcer presentation are important influences on choice behavior, and that models of conditioned reinforcement need to include both factors. (Contains 2 figures and 2 tables.)