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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 ]
Interdependence theory. Interdependence theory is a social exchange theory that states that interpersonal relationships are defined through interpersonal interdependence, which is "the process by which interacting people influence one another's experiences" [1] (Van Lange & Balliet, 2014, p. 65). The most basic principle of the theory is ...
Peter Michael Blau (February 7, 1918 – March 12, 2002) was an American sociologist and theorist. Born in Vienna, Austria, he immigrated to the United States in 1939. He completed his PhD doctoral thesis with Robert K. Merton at Columbia University in 1952, laying an early theory for the dynamics of bureaucracy.
Social exchange theory states that humans weigh each relationship and interaction with another human on a reward–cost scale without realizing it. If the interaction was satisfactory, then that person or relationship is looked upon favorably.
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).
George C. Homans. George Caspar Homans (August 11, 1910 – May 29, 1989) was an American sociologist, founder of behavioral sociology, the 54th president of the American Sociological Association, and one of the architects of social exchange theory. Homans is best known in science for his research in social behavior and his works The Human ...
Social exchange theory and Rusbult's investment model show that relationship satisfaction is based on three factors: rewards, costs, and comparison levels (Miller, 2012). [70] Rewards refer to any aspects of the partner or relationship that are positive. Conversely, costs are the negative or unpleasant aspects of the partner or their relationship.
Parallels are drawn between the psychological contract and social exchange theory because the relationship's worth is defined through a cost-benefit analysis. [7] The implicit nature of the psychological contract makes it difficult to define, although there is some consensus on its nature.