Abstract
Individual variation in the size of a meaningful pay increase is examined from four competing perspectives: (a) based on psychophysical laws relating stimulus change to initial stimulus level, (b) based on equitable treatment, (c) based on the symbolic role of money, and (d) based on individual pay/job dissatisfaction and perceived increases needed to reestablish equilibrium. Results for 77 business school alumni providing self-report data on salary histories, pay meaning, and satisfaction suggest that all but a psychophysical explanation play significant roles in determining the size of a meaningful pay increase.
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