Pigeons chose between 50% and 100% reinforcement on a discrete-trials concurrent-chains procedure with fixed-ratio 1 initial links and fixed-time terminal links. The 100% alternative always provided food after a terminal-link delay, whereas the 50% alternative provided food or blackout equally often after a delay. Additionally, the terminal-link stimuli on the 50% alternative were correlated with the outcomes in signaled, but not in unsignaled, conditions. The effects of intertrial-interval duration and length of the terminal-link delays on choice of the 50% alternative were investigated in four experiments. Preference for the 50% alternative varied with signal condition and duration of the terminal link leading to food, but not with duration of either intertrial interval or the terminal link leading to a blackout. The results are discussed in terms of conditioned-reinforcement effects, Mazur's hyperbolic-decay model, and delay reduction.