Making decisions and effort to obtain rewards may depend on various factors, such as the delay to reward, the probability of its occurrence, and the information that can be collected about it. We implemented a task in which pigeons were allowed to choose between three options and to peck at the chosen key to improve the conditions of reward delivery. Pecking more at a first key reduced the 12-s delay before food was delivered with a 33.3% chance, pecking more at a second key increased the initial 33.3% chance of food delivery but did not reduce the 12-s delay, and pecking more at a third key reduced the delay before information was provided whether the trial will be rewarded with a 33.3% chance after 12 s. Pigeons’ preference (delay vs. probability, delay vs. information, and probability vs. information), as well as their pecking effort for the chosen option, were analyzed. Our results indicate that hungry pigeons preferred to peck for delay reduction but did not work more for that option than for probability increase, which was the most profitable alternative and did not induce more pecking effort. In this task, information was the least preferred and induced the lowest level of effort. These results are discussed in relation to motivational and foraging theories.