mar 15, 1966 - Social Exchange Theory

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Social exchange theory is a sociological theory developed in the mid 1950's. It was created by the American sociologist George Homans in 1958, and further developed by sociologists such as Peter Blau, Richard Emerson and Claude Levi-Strauss, as well as social psychologists John Thibaut and Harold Kelly. The theory suggests that people engage in social relationships based on a cost-benefit analysis, where people seek to maximize the reward of the relationship, such as love, while minimizing costs, such as conflict. This theory is related to behaviourism, as it proposes that people assess the value of a relationship by weighing the benefits and downsides. If the costs outweigh the benefits, the relationship will end, and if the benefits outweighs the cost, the relationship will continue. One of its key concepts, developed by Thibaut and Kelly, is the comparison level. The comparison level is a standard that represents what people think they should gain from a relationship, and the consequences they think they should get from a relationship. Additionally developed by Thibaut and Kelly the comparison level for alternatives, which is the comparison a person makes between their current relationship and a potential future relationship, or lack thereof. Social Exchange Theory has a wide range of applications, such as friendships and romances, and has been used in various studies to analyse relationships. It is a theory that continues to be relevant in sociology, and continues to be refined by psychologists and sociologists.
Sources: https://senecalearning.com/en-GB/revision-notes/a-level/psychology/aqa/9-2-1-social-exchange-theory

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