Social exchange theory from "summary" of The Handbook of Social Psychology by Daniel Todd Gilbert,Susan T. Fiske,Gardner Lindzey
Social exchange theory explores how people form relationships by examining the costs and rewards of interacting with others. It suggests that relationships are formed when people decide that the benefits of the interaction outweigh the potential risks or costs.- 1.Social exchange theory states that all human relationships are based on a cost-benefit analysis made by each person involved in the relationship.
- According to this theory, the amount of reward an individual receives is directly related to the amount of effort invested in a particular relationship.
- People's actions within a relationship are seen as seeking a balance between overall costs and rewards with the desired outcome being an "equilibrium" whereby both parties find satisfaction in their overall interaction.
- It proposes that people will seek rewards from others, such as love, respect, recognition, protection or appreciation, and that they will avoid situations which entail costs, such as Pain, fear, sadness or deprivation.
- This theory emphasizes the importance of social comparison in creating stability within a relationship and aiding decision making around its future.
- This theory suggests that we make decisions about whether to stay in or leave a relationship based on how much we think we benefit from it and whether the costs outweigh those benefits.
- The notion of economic currency is used within the context of social exchange theory, whereby tangible goods act as symbols of worth reflecting the investments inherent in any relationship.
