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Social exchange theory is a psychological theory that explains how individuals engage in social interactions with the expectation of rewards and costs. It is based on the assumption that people weigh the costs and benefits of any social exchange, and this determines whether they will enter into, maintain or terminate a relationship. This theory explains why people form and maintain social relationships, including friendships, romantic relationships, and business relationships.
The basic premise of the social exchange theory is that individuals seek to maximize their rewards and minimize their costs in any social exchange.
Rewards are anything that benefits an individual, such as companionship, love, affection, status, money, or other resources. Costs, on the other hand, are anything that comes at a personal price, such as time, effort, money, and emotional energy.
The social exchange theory has its roots in economics, and it draws on the principles of cost-benefit analysis. The theory posits that people evaluate the potential rewards and costs of any social exchange before deciding to engage in it.
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If the rewards outweigh the costs, the individual will engage in the exchange. If the costs outweigh the rewards, the individual will avoid the exchange.
The theory was first proposed by George Homans in the 1950s, and it has since been expanded by other scholars such as Peter Blau, Richard Emerson, and Thibaut and Kelley. The theory has been applied to various fields, including sociology, psychology, organizational behavior, and communication.
Romantic relationships: According to social exchange theory, individuals enter into romantic relationships because they expect to receive more benefits than costs.
The benefits of a romantic relationship can include love, companionship, and emotional support, while the costs can include time, effort, and emotional investment.
Business relationships: Social exchange theory can explain why individuals engage in business relationships. For example, an employee might choose to work for a company because they expect to receive a good salary and benefits package, while the employer expects the employee to contribute to the company's success.
Friendships: According to social exchange theory, individuals form friendships because they expect to receive benefits from the relationship. The benefits of a friendship can include emotional support, companionship, and shared activities, while the costs can include time and emotional investment.
Parent-child relationships: Social exchange theory can explain why parents invest time and resources in their children. Parents expect to receive emotional satisfaction and a sense of purpose from raising their children, while the costs can include time, money, and emotional investment.
Organizational behavior: Social exchange theory can explain why employees choose to engage in behaviors that benefit their organization, such as working overtime or volunteering for additional tasks. The employees expect to receive rewards, such as recognition, promotions, or bonuses, while the costs can include time and effort.
Communication: Social exchange theory can explain why individuals engage in communication with others. For example, a person might choose to communicate with a friend because they expect to receive emotional support and companionship, while the costs can include time and emotional investment.
Although social exchange theory has been widely used to explain social interactions, it has some limitations. One of the main criticisms is that it focuses on the individual's perspective and ignores the social context of the exchange. For example, the theory does not account for the role of cultural norms, values, and beliefs in social exchanges.
Another limitation of social exchange theory is that it assumes that individuals are rational and always make decisions based on cost-benefit analysis. However, individuals may not always make rational decisions, and emotions and social norms may influence their behavior.
Social exchange theory psychology definition. (2023, Apr 26). Retrieved from https://studymoose.com/social-exchange-theory-psychology-definition-essay
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