Accounts of learning and generalization typically focus on factors related to lasting changes in representation (i.e., long-term memory). The authors present evidence that shorter term effects also play a critical role in determining performance and that these recency effects can be subdivided into perceptual and decisional components. Experimental results based on a probabilistic category structure show that the previous stimulus exerts a contrastive effect on the current percept (perceptual recency) and that responses are biased toward or away from the previous feedback, depending on the similarity between successive stimuli (decisional recency). A method for assessing these recency effects is presented that clarifies open questions regarding stimulus generalization and perceptual contrast effects in categorization and in other domains.