The concept of reinforcement value summarizes the effect of different variables, such as reinforcement delay, reinforcement magnitude, and deprivation level, on behavior. In the present set of experiments, we evaluated the effect of reinforcement devaluation on performance under FI schedules. The literature on timing and reinforcement value suggests that devaluation generates longer expected times to reinforcement than the same intervals trained under control conditions. We devalued reinforcement with delay in Experiments 1A, 1B, and 2, and diminished deprivation in Experiments 3A and 3B. Devaluation reduced response rates, increased the number of one‐response intervals, and lengthened postreinforcement pauses, but had inconsistent effects on other timing measures such as quarter life and breakpoint. The results of delayed reinforcement and diminished deprivation manipulations are well summarized as reinforcement devaluation effects. These results suggest that devaluation may reduce stimulus control. In addition, we argue that the process by which delayed reinforcement affects behavior might also explain some effects observed in other devaluation procedures through the concept of reinforcement value.