Pigeons were presented with a concurrent‐chains schedule in which both choice alternatives led to the same terminal‐link stimulus, which was followed by food. Superimposed on the food‐reinforced presentations of the terminal‐link stimulus was a second schedule of presentations of the same stimulus that were followed by no food. The absolute number of these no‐food stimulus presentations was held constant while their relative frequency assigned to one or the other choice alternative was systematically varied. Preference for a given choice alternative tracked the relative frequency of these stimulus presentations, thus demonstrating that they served as reinforcers. These results resolve conflicts in the literature regarding the effect of conditioned reinforcement