Social Exchange Theory
Channel: Organizational Communication Channel
Date: 2020-08-31

Social Exchange Theory explains how people make decisions about relationships using an economic metaphor that measures the costs, rewards, profits, and losses involved in various relationships and groups we are involved in. Additionally, we look at the minimax principle, comparison level, and comparison level alternative. 

Correction: In the video, I mistakenly cited Altman and Taylor. However, they borrowed ideas from Social Exchange Theory to make their own theory, Social Penetration Theory, but did not develop Social Exchange Theory in the first place. Researchers who contributed to Social Exchange Theory include John W. Thibaut, Harold H. Kelly, George c. Homans, Peter M. Blau, Richard Mark Emerson, and Caude Levi-Strauss among others.

Working from Beebe & Masterson's Communicating in Small Groups (Affiliate): https://amzn.to/2YtsUhd 

Reference: 
Beebe, S. A., & Masterson, J. T. (2020). Communicating in small groups: Principles and practices. (12th edition). Pearson Publishing.

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