24 | COSERE 2.3.9. George Homans – Social Exchange Theory. The basic definition of social exchange theory is that people make decisions by consciously or unconsciously measuring the costs and rewards of a relationship or action, ultimately seeking to maximise their reward. This theory focuses on face-toface relationships and isn’t meant to measure behaviour or change at a societal level. According to social exchange theory, a person will weigh the cost of a social interaction (negative outcome) against the reward of that social interaction (positive outcome). These costs and rewards can be material, like money, time, or a service. They can also be intangible, like effort, social approval, love, pride, shame, respect, opportunity, and power. Each person wants to get more from an interaction or relationship than they give. When a relationship costs a person more than it rewards them, they end it. But when a relationship provides enough rewards, they continue it. What is or isn’t enough depends on various factors, including a person’s expectations and comparisons with other possible interactions and relationships. Another aspect of social exchange theory is that people expect equity in exchange. People expect to be rewarded equally for incurring the same costs, and when they aren’t, they are displeased.
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