Social exchange theory is a sociological and psychological theory that studies the social behavior in the interaction of two parties that implement a cost-benefit analysis to determine risks and benefits. The theory also involves economic relationships—the cost-benefit analysis occurs when each party has goods that the other parties value.[1] Social exchange theory suggests that these calculations occur in romantic relationships, friendships, professional relationships, and ephemeral relationships as simple as exchanging words with a customer at the cash register.[2] Social exchange theory says that if the costs of the relationship are higher than the rewards, such as if a lot of effort or money were put into a relationship and not reciprocated, then the relationship may be terminated or abandoned.[3]
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 (d. 1982), and Claude Lévi-Strauss (1908–2009).[1] Homans defined social exchange as the exchange of activity, tangible or intangible, and more or less rewarding or costing between at least two persons.[4] 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.[5] 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.[6] John Thibaut and Harold Kelley are recognized for focusing their studies within the theory on the psychological concepts, the dyad and small group.[7] 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.[6]
^ abRoeckelein, Jon E. "Elsevier's Dictionary of Psychological Theories". Credo Reference. Elsevier B.V. Retrieved 21 October 2018.
^Mcray, Jeni (2015). "Leadership Glossary: Essential Terms for the 21st Century". Credo Reference. Mission Bell Media. Retrieved 21 October 2018.
^Emerson & Cook, R & K (1976). "Annual Review of Sociology". The Social Exchange Theory. 2: 335–362.
^Homans, George (1961). Social Behavior: Its Elementary Forms. New York: Harcourt Brace Jovanovich. p. 13.
^Karen S. Cook and Erick R. W.Rice. Department of Sociology, Stanford University, Stanford California 94305. Handbook of Sociological Theory, edited by Jonathan H. Turner. kluwer Academic/ Plenum Publishers, New York.[page needed]
^ abCook, Karen S.; Rice, Eric (2006-11-24). "Social Exchange Theory". In DeLamater, John (ed.). The Handbook of Social Psychology. Springer. pp. 53–76. ISBN 978-0-387-36921-1.
^Emerson, R M (1976). "Social Exchange Theory". Annual Review of Sociology. 2: 335–362. doi:10.1146/annurev.so.02.080176.002003.
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