Editing Social exchange theory (section)

{{Short description|Generalization theory explaining social behaviour regarding society and economics}}
{{sociology}}
'''Social exchange theory''' is a [[sociological]] and [[psychological]] theory which studies how people interact by weighing the potential costs and benefits of their relationships. This occurs when each party has goods that the other parties value.<ref name=":0">{{cite web|url=https://search.credoreference.com/content/entry/estpsyctheory/exchange_social_exchange_theory/0|title=Elsevier's Dictionary of Psychological Theories|last1=Roeckelein|first1=Jon E.|website=Credo Reference|publisher=Elsevier B.V.|access-date=21 October 2018}}</ref>Social exchange theory can be applied to a wide range of relationships, including [[Romantic relationship|romantic partnerships]], [[Friendship|friendships]], [[Family|family dynamics]], [[Professional|professional relationships]] and other social exchanges. An example can be as simple as exchanging words with a customer at the cash register.<ref>{{cite web|url=https://search.credoreference.com/content/entry/mbmlg/social_exchange_theory/0|title=Leadership Glossary: Essential Terms for the 21st Century|last1=Mcray|first1=Jeni|date=2015|website=Credo Reference|publisher=Mission Bell Media|access-date=21 October 2018}}</ref> In each context individuals are thought to evaluate the rewards and costs that are associated with that particular relationship. This can influence decisions regarding maintaining, deepening or ending the interaction or relationship. The Social exchange theory suggests that people will typically end something if the costs outweigh the rewards, especially if their efforts are not returned.<ref>{{Cite journal|last=Emerson & Cook|first=R & K|date=1976|title=Annual Review of Sociology|journal=The Social Exchange Theory|volume=2|pages=335–362}}</ref>

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The most comprehensive social exchange theories are those of the American social psychologists [[John Thibaut|John W. Thibaut]] (1917–1986) and [[Harold Kelley|Harold H. Kelley]] (1921–2003), the American sociologists [[George C. Homans]] (1910–1989), [[Peter Blau|Peter M. Blau]] (1918–2002), [[Richard Marc Emerson]] (1925 –1982), and [[Claude Lévi-Strauss]] (1908–2009).<ref name=":0" /> Homans defined social exchange as the exchange of activity, tangible or intangible, and more or less rewarding or costing between at least two persons.<ref>{{cite book|last=Homans|first=George|title=Social Behavior: Its Elementary Forms.|year=1961|publisher=Harcourt Brace Jovanovich|location=New York|page=13}}</ref> After Homans founded the theory, other theorists continued to write about it, particularly Peter M. Blau and Richard M. Emerson, who in addition to Homans are generally thought of as the major developers of the exchange perspective within sociology.<ref name="ReferenceA">Karen S. Cook and Erick R. W.Rice. Department of Sociology, Stanford University, Stanford California 94305. Handbook of Sociological Theory, edited by Jonathan H. Turner. kluwer Academic/ Plenum Publishers, New York.{{page needed|date=October 2014}}</ref> Homans' work emphasized the individual behavior of actors in interaction with one another. Although there are various modes of exchange, Homans centered his studies on dyadic exchange.<ref name=Cook>{{cite book |last1=Cook |first1=Karen S. |first2=Eric |last2=Rice |chapter=Social Exchange Theory |chapter-url=https://books.google.com/books?id=xnVAuljbRcQC&pg=PA53 |pages=53–76 |editor1-first=John |editor1-last=DeLamater|editor-link1=John DeLamater |title=The Handbook of Social Psychology |isbn=978-0-387-36921-1|date=2006-11-24 |publisher=Springer }}</ref> John Thibaut and Harold Kelley are recognized for focusing their studies within the theory on the psychological concepts, the dyad and small group.<ref name=Emerson>{{cite journal |doi=10.1146/annurev.so.02.080176.002003|title=Social Exchange Theory|journal=Annual Review of Sociology|volume=2|pages=335–362|year=1976|last1=Emerson|first1=R M}}</ref> [[Lévi-Strauss]] is recognized for contributing to the emergence of this theoretical perspective from his work on anthropology focused on systems of [[generalized exchange]], such as kinship systems and gift exchange.<ref name=Cook/>