Acting in Temporal Contexts: On the Behavioral and Neurophysiological Consequences of Feedback Delays

•Feedback timing affects learning, performance, and neural correlates of feedback processing in learned decision making tasks.•Feedback delay causes a gradual shift in processing from implicit to explicit processing systems.•Explicit and implicit processing systems are specialized for rule-based and information-integration processing, respectively.•Implicit and explicit processing systems perform differently in learning from delayed feedback depending on task type.•Decrease in feedback negativity reflects temporal discounting of reward in reinforcement learning.