To study how effort affects reward value, we replicated Fortes, Vasconcelos and Machado's (2015) study using an adjusting-delay task. Nine pigeons chose between a standard alternative that gave access to 4 s of food, after a 10 s delay, and an adjusting-delay alternative that gave access to 12 s of food after a delay that changed dynamically with the pigeons' choices, decreasing when they preferred the standard alternative, and increasing when they preferred the adjusting alternative. The delay value at which preference stabilized defined the indifference point, a measure of reward value. To manipulate effort across phases, we varied the response rate required during the delay of the standard alternative. Results showed that a) the indifference point increased in the higher-response-rate phases, suggesting that reward value decreased with effort, and b) in the higher-response-rate phases, response rate in the standard alternative was linearly related to the indifference point. We advance several conceptions of how effort may change perceived delay or amount and thereby affect reward value.