ABSTRACT
The central concept of social exchange theories is that interpersonal interactions are guided by weighing costs and rewards. We make relational decisions based on perceptions of costs (what we put into a relationship) and rewards (what we get out of a relationship). The primary goal of social exchange theories is to predict and explain behavior by understanding the factors (rewards and costs) involved in decision making. There are three main assumptions associated with social exchange theories: social behavior is transactional, people seek to minimize their costs and maximize their rewards, and people tend to feel obligated (a debt incurs) when they receive rewards. Additionally, there are two overarching concepts understood within these assumptions: self-interest and interdependence. This chapter presents the major premises and concepts surrounding social exchange theories as a group, as well as highlights three variations: resource theory, interdependence theory, and equity theory.
