Pigeons chose between equivalent two‐component mixed and multiple terminal‐link schedules of reinforcement in the concurrent‐chains procedure. The pigeons preferred the multiple schedule over the mixed when the components of the compound schedules were differentiated in terms of density of reinforcement, but the pigeons were indifferent when the components were differentiated in terms of number of reinforcers per cycle. Taken together, these results indicate that a local variable, the interval to the first reinforcer, but not a molar variable, the number of reinforcers, was sufficient to differentiate the components and thereby evoke prefe