Social exchange theory

Social exchange theory is a social psychological perspective that explains social change and stability as a process of negotiated exchanges between parties. Social exchange theory posits that all human relationships are formed by the use of a subjective cost-benefit analysis and the comparison of alternatives. For example, when a person perceives the costs of relationship as outweighing the perceived benefits, then the theory predicts that the person will choose to leave the relationship.

Related Topics:
Social psychological - Cost-benefit analysis

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The early permutations of Social Exchange Theory stem from Gouldner's (1960) norm of reciprocity, which simply argues that people ought to return benefits given to them in a relationship. Later modifications to this theory focus attention on relational development and maintenance rules (see Murstein et al.)

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For social exchange theorists, when the costs and benefits are equal in a relationship, then that relationship is defined as equitable. The notion of equity is a core part of social exchange theory.

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Social exchange theory is intimately tied to rational choice theory, and features all of its main assumptions.

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