Performance of dairy cows responding under concurrent variable‐interval variable‐interval schedules of food delivery was examined, with results analyzed in terms of the generalized matching equation. In Experiment 1, bias measures indicated that crushed barley was preferred over meatmeal when these foods were available under the alternative schedules. For whole‐session data, substantial undermatching of response and time‐allocation ratios to obtained reinforcement ratios was evident. Postreinforcement pause time ratios approximately matched obtained reinforcement rates. Subtracting these times from total time‐allocation values yielded net time‐allocation ratios that undermatched obtained reinforcement ratios to a greater degree than did whole‐session time‐allocation ratios. In Experiment 2, substantial undermatching was evident when the same foods (hay for 2 cows, crushed barley for 2 others) were available under the alternative schedules. Food‐related activities and other defined behavior not related to food were quantified by direct observation, and were found to occupy a substantial proportion (roughly 40% to 80%) of experimental sessions. Subtracting the time spent in these activities from the time allocated to each component schedule did not reduce the degree of undermatching obtained. Across all conditions in both experiments, slopes of regression lines relating behavioral outputs to environmental inputs characteristically were below 0.6, which agrees with prior findings and suggests that, contrary to suggestions in the literature, undermatching in dairy cows is not the result of using different foods under alternative schedules or differential pausing unde