This study investigates the relationship between salespeople's level of pay, satisfaction with pay, and valence for more pay using structural equation models with unobserved variables. The results suggest that (1) greater satisfaction with pay is associated with lower valences attached to it, (2) those who are most highly paid are most dissatisfied with their pay level, and (3) there is no direct relationship between an individual's income level and the person's valence for more pay.
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Churchill et al. (1982) studied this question.
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