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To determine whether reduction of smoking via contingency management in dependent smokers would decrease the discounting of delayed reinforcers compared with smokers who did not reduce their smoking, moderate to heavy cigarette smokers were randomly assigned to one of two conditions: a contingency management condition and a control condition. In three phases (baseline discounting determination for hypothetical money and cigarettes, implementation of a contingency management or control condition, and postintervention discounting determination), the procedure to reinforce reduction in cigarette smoking produced CO decreases in all subjects exposed to that procedure. Discounting decreased significantly for both cigarettes and money among the group for whom smoking reductions were reinforced, whereas the control group showed no significant change for either commodity. Reductions in smoking can lead to reductions in discounting, and increased discounting in current smokers may be a reversible effect of nicotine dependence.