In a concurrent‐chains procedure, pigeons chose between outcomes that differed in the rate of response‐independent delivery of food and electric shocks. The application of functional measurement techniques confirmed the matching relation—between choice and rate of reinforcement value—for two of three pigeons. Scale values of the outcomes were extracted for the two birds that conformed to matching, and the value of a single occurrence of shock per minute—in terms of negative food units—was estimated. A second experiment with concurrent chains provided a test of these parameter estimates. The close correspondence between predicted and obtained choice behavior found in Experiment II indicated that the estimates of outcome value were indeed reliable. Both experiments together support the contention that the effects on choice behavior of positive and aversive stimuli appear to be equal, though oppos