Rats showed an increase or decrease in preference for an aqueous odor conditioned stimulus (CS) presented in compound with a palatable (sucrose) or unpalatable (quinine) taste unconditioned stimulus (US), respectively. Four experiments then studied the consequences for odor preference of presenting water in the context where the odor-taste compound had previously occurred (i.e., no-CSno-US experience). Exposure to that context increased the preference for the odor associate of sucrose and decreased preference for the odor associate of quinine. The increased preference for the odor associate of sucrose was contingent on reexposure to the context where the odor-sucrose compound had occurred (i.e., retroactive revaluation) and was reduced by preexposure to the context where the odor-sucrose compound was to occur (Le.,latent inhibition of the context). The retroactive revaluation of within-event learning caused by exposures to the associated context is discussed in terms of (1) the modified version of the SOP model (Wagner, 1981) proposed by Dickinson and Burke (1996)and (2) the comparator model (Miller & Matzel, 1988).Contemporary theories ofassociative learning have been strongly influenced by demonstrations that responding to a target conditioned stimulus (CS) is modulated by the status of that and other CSs present during training. Interference effects such as overshadowing, blocking, and latent inhibition have inspired theories that describe the mechanisms by which CSs compete for attentional processing and for associative strength with the unconditioned stimulus (US) (Mackintosh, 1975;Pearce & Hall, 1980;Rescorla & Wagner, 1972;Wagner, 1981). Thus, these theories typically attribute variations in conditioned responding to differences in the acquisition ofassociations during CS-US pairings. Moreover, these theories assume that modulation of CS-US associations can occur only when the animal is directly exposed to the CS.However, this view has been challenged by demonstrations that performance to a CS can be increased or decreased retroactively by changing the associative strength between other CSs and the US. For example, studies investigating learning of stimulus-outcome relations in human subjects have shown that performance to an overshadowed stimulus can be retroactively increased by posttraining exposures to the paired stimulus. Specifically, if subjects learn the association between a compound cue, AB, and a particular outcome, then the predictive value accorded A can be retroactively decreased by paired presentations of B and the outcome (Chapman, 1991;Dickinson