Abstract: Value transfer theory has been proposed to account for transitive inference effects (L. V. Fersen, C. D. L. Wynne, J. D. Delius, & J. E. R. Staddon, 1991), in which following training on 4 simultaneous discriminations (A+B-, B+C-, C+D-, D+E-) pigeons show a preference for B over D. According to this theory, some of the value of reinforcement acquired by each S+ transfers to the S-. In the transitive inference experiment, C (associated with both reward and nonreward) can transfer less value to D than A (associated only with reward) can transfer to B. Support for value transfer theory was demonstrated in 2 experiments in which an S- presented in the context of a stimulus to which responses were always reinforced (S+) was preferred over an S- presented in the context of a stimulus to which responses were sometimes reinforced (S +/-).