ABSTRACT
Exchange Theory consists of a set of concepts, propositions and assumptions formulated for the purpose of describing and explaining the presuppositions, procedures and outcomes of social exchange. The focus of attention will be the reciprocal obligations created by social actors when exchanging resources. Exchange Theory, and particularly Network Exchange Theory, pays special attention to the subject of legitimacy in relations of power. Exchange Relations are those repeated transactions between actors who interact according to a reciprocity principle in order to obtain a benefit or result, that has a valued outcome, and to avoid a negative one. Exchange theory and economic theory share the assumption that social actors involved in an exchange, act rationally so as to maximize their advantage. In contrast to behavioral psychology, exchange theory concerns sociology. The terms 'operant behavior' and 'reinforcers' have been borrowed from behavioral psychology, for which, as George C. Homans says, 'there is a vast body of evidence, both clinical and experimental'.
