Social exchange theory is a sociological and psychological theory that explains how people behave in relationships by using cost–benefit analysis to determine risks and benefits, expecting that what they give will lead to a fair return, and treating social relationships like economic exchanges in which each person controls things the other values and decides whether to continue the relationship based on how beneficial and fair the exchange feels over time. Studies show that people expect a return benefit when they act well towards someone, and a punishment when they harm another person. Social exchange theory can be applied to a wide range of relationships, including romantic partnerships, friendships, family dynamics, professional relationships and other social exchanges. An example can be as simple as exchanging words with a customer at the cash register. In each context individuals are thought to evaluate the rewards and costs that are associated with that particular relationship. This can influence decisions regarding maintaining, deepening or ending the interaction or relationship. The Social exchange theory suggests that people will typically end something if the costs outweigh the rewards, especially if their efforts are not returned.
The most comprehensive social exchange theories are those of the American social psychologists John W. Thibaut (1917–1986) and Harold H. Kelley (1921–2003), the American sociologists George C. Homans (1910–1989), Peter M. Blau (1918–2002), Richard Marc Emerson (1925 –1982), and Claude Lévi-Strauss (1908–2009). Homans defined social exchange as the exchange of activity, tangible or intangible, and more or less rewarding or costing between at least two persons. After Homans founded the theory, other theorists continued to write about it, particularly Peter M. Blau and Richard M. Emerson, who in addition to Homans are generally thought of as the major developers of the exchange perspective within sociology. Homans' work emphasized the individual behavior of actors in interaction with one another. Although there are various modes of exchange, Homans centered his studies on dyadic exchange. John Thibaut and Harold Kelley are recognized for focusing their studies within the theory on the psychological concepts, the dyad and small group. Lévi-Strauss is recognized for contributing to the emergence of this theoretical perspective from his work on anthropology focused on systems of generalized exchange, such as kinship systems and gift exchange.
Thibaut and Kelley Thibaut and Kelley based their theory on small groups related with dyadic relationships. They used the reward-cost matrices from game theory and discovered some clues of individuals' interdependence such as the power of a party over each other, also known as the "correspondence" versus "noncorrespondence" of outcomes. Additionally, they suggest that an individual can unilaterally affect her or his own outcomes in a relationship through chosen behaviors. They could predict the possible course of a social interaction through the analysis of aspects of power in an encounter. They also experimented on how the outcomes received in a relationship could define a person's attractions to relationships.
Homans The foundation of the social exchange theory was first introduced by George C. Homans in 1958 based on his work "Social Behavior as Exchange", where he applied principles of behavior psychology and sociology to social interactions. Homans expanded his research in 1961 through "elementary forms of social behavior. Homans based his theory on concepts that include equilibration, expectancy, and a distributive justice in dyadic exchanges. Using this framework, he explained how people interact in small groups, showing that the rewards that they get are usually based on how much effort and resources that they contribute. Homans summarized his system with three main propositions: success, stimulus and deprivation-satiation propositions, described below.
Success proposition: When one finds they are rewarded for their actions, they tend to repeat the action. Stimulus proposition: The more often a particular stimulus has resulted in a reward in the past, the more likely it is that a person will respond to it. Deprivation–satiation proposition: The more often in the recent past a person has received a particular reward, the less valuable any further unit of that reward becomes.
Blau Blau's theory is very similar to Homans'. However, he uses more economics terms and it is based principally on emergent social structure in social exchange patterns in small groups. His theory analyzes the development of exchange theory in economics without emphasizing on the psychological assumptions. He contributed to the idea of distinguishing between social and economic exchanges and exchange and power. The goal of his theory was to identify complex and simple processes without ignoring emergent properties. Blau's utilitarian focus encouraged the theorist to look forward, as in what they anticipated the reward would be in regards to their next social interaction. Blau felt that if individuals focused too much on the psychological concepts within the theory, they would refrain from learning the developing aspects of social exchange. Blau emphasized technical economic analysis whereas Homans concentrated more on the psychology of instrumental behavior.
Emerson Emerson was inspired by Homans and Blau's ideas. He focused on the interaction and relationship between individuals and parties. His view of social exchange theory emphasizes the resource availability, power, and dependence as primary dynamics. He thought that relations were organized in different manners, and they could differ depending on the type and amount of the resources exchanged. He poses the idea that power and dependence are the main aspects that define a relationship. According to Emerson, Exchange is not a theory, but a framework from which other theories can converge and be compared to structural functionalism. Emerson's perspective was similar to Blau's since they both focused on the relationship power had with the exchange process. Emerson says that social exchange theory is an approach in sociology that is described for simplicity as an economic analysis of noneconomic social situations. Exchange theory brings a quasi-economic form of analysis into those situations.
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