Six pigeons were trained on two‐ and three‐alternative concurrent schedules in which the alternatives were signaled by different wavelengths of light on the main pecking key. The schedules were arranged according to a switching‐key procedure in which pecks on a white side key produced a 3‐s blackout and, intermittently, a change in the variable‐interval schedule of food programmed on the main (center) key after the blackout. In Part 1, a two‐alternative concurrent variable‐interval schedule was arranged in which the alternatives were signaled by 560 nm and 630 nm. Parts 2 and 3 arranged three‐alternative concurrent variable‐interval schedules with the alternatives signaled by 560 nm, 600 nm, and 630 nm (Part 2) and 560 nm, 623 nm, and 630 nm (Part 3). Within each part, the relative rate of food reinforcers available on the alternatives was varied across a wide range. In all parts of the experiment, the ratios of responses emitted between pairs of alternatives were more extreme than the ratios of reinforcers obtained on the pairs of alternatives, a result termed overmatching. In Parts 2 and 3, generalized matching sensitivities between pairs of alternatives were found to be higher when the reinforcer rate on the third alternative was low than when it was high—an apparent failure of the constant‐ratio rule. The data were well described by an extension of the Davison and Jenkins (1985) model, which assumes differing discriminabilities between concurrent‐schedule alternatives in combination with a punishing effect of blackou