When large asexual populations adapt, competition between simultaneously segregating mutations slows the rate of adaptation and restricts the set of mutations that eventually fix. This phenomenon of interference arises from competition between mutations of different strengths as well as competition between mutations that arise on different fitness backgrounds. Previous work has explored each of these effects in isolation, but the way they combine to influence the dynamics of adaptation remains largely unknown. Here, we describe a theoretical model to treat both aspects of interference in large populations. We calculate the rate of adaptation and the distribution of fixed mutational effects accumulated by the population. We focus particular attention on the case when the effects of beneficial mutations are exponentially distributed, as well as on a more general class of exponential-like distributions. In both cases, we show that the rate of adaptation and the influence of genetic background on the fixation of new mutants is equivalent to an effective model with a single selection coefficient and rescaled mutation rate, and we explicitly calculate these effective parameters. We find that the effective selection coefficient exactly coincides with the most common fixed mutational effect. This equivalence leads to an intuitive picture of the relative importance of different types of interference effects, which can shift dramatically as a function of the population size, mutation rate, and the underlying distribution of fitness effects.E volutionary adaptation is driven by the accumulation of beneficial mutations, and yet many aspects of this process are still poorly understood. In asexual populations, this subject can be distilled into two main lines of inquiry: (i) what are the possible mutations available to the population? and (ii) which of these mutations are actually incorporated into the population, and what are the dynamics by which they fix?The first question is essentially an empirical matter. At any given instant in time, the set of accessible beneficial mutations is likely to depend on the history of the population as well as its environment and any epistatic interactions between mutations. Nonetheless, if history and epistatic effects do not significantly affect the statistics of the available mutations, we can define a constant distribution of fitness effects ρðsÞ that gives the relative probability of obtaining a mutation that increases the fitness of an individual by s.Gillespie (1) and Orr (2) have argued that there are general theoretical reasons to expect that ρðsÞ should follow an exponential distribution, although more recent theoretical work has challenged the ubiquity of this claim (3). Many experimental studies are roughly consistent with this exponential prediction (4-6), although here, too, we find significant exceptions (6-10). In the present work, we maintain a relatively agnostic view toward the precise form of ρðsÞ, although we devote special attention to the exponential case because of i...