Six pigeons were trained in experimental sessions that arranged six or seven components with various concurrent-schedule reinforcer ratios associated with each. The order of the components was determined randomly without replacement. Components lasted until the pigeons had received 10 reinforcers, and were separated by 10-s blackout periods. The component reinforcer ratios arranged in most conditions were 27:1, 9:1, 3:1, 1:1, 1:3, 1:9 and 1:27; in others, there were only six components, three of 27:1 and three of 1:27. In some conditions, each reinforcement ratio was signaled by a different red-yellow flash frequency, with the frequency perfectly correlated with the reinforcer ratio. Additionally, a changeover delay was arranged in some conditions, and no changeover delay in others. When component reinforcer ratios were signaled, sensitivity to reinforcement values increased from around 0.40 before the first reinforcer in a component to around 0.80 before the 10th reinforcer. When reinforcer ratios were not signaled, sensitivities typically increased from zero to around 0.40. Sensitivity to reinforcement was around 0.20 lower in no-changeover-delay conditions than in changeover-delay conditions, but increased in the former after exposure to changeover delays. Local analyses showed that preference was extreme towards the reinforced alternative for the first 25 s after reinforcement in changeover-delay conditions regardless of whether components were signaled or not. In no-changeover-delay conditions, preference following reinforcers was either absent, or, following exposure to changeover delays, small. Reinforcers have both local and long-term effects on preference. The former, but not the latter, is strongly affected by the presence of a changeover delay. Stimulus control may be more closely associated with longer-term, more molar, reinforcer effects.