The Rescorla and Wagner (1972) model is the first mathematical theory to explain associative learning in the presence of multiple stimuli. Its main theoretical construct is that of associative strength, but this is connected to behavior only loosely. We propose a model in which behavior is described by a collection of Poisson processes, each with a rate proportional to an associative strength. The model predicts that the time between behaviors follows an exponential or hypoexponential distribution. This prediction is supported by two data sets on autoshaped and instrumental behavior in rats.