In
our daily life, we constantly encounter situations where we are giving favor
and assistance in return for something else received in the past, or in
anticipation of receiving something else in the future, which is easy to understand in that people who give something to others
expect the same (or more) from others, and similarly, those that get something from
others are pressurized to return the same to them. These very popular circumstancess
can be explained in light of social exchange theory (SET). This paper will
first begin with general introduction about the SET, including its brief
history and basic content. Then, I will move on with some basic concepts and
principles of the SET. Later on, main principles of the SET will be discussed,
which is followed by the application of this theory as hypothetical framework
in various disciplines. Finally, this essay will end with my explanation, based
on the SET, of some familar situations in my daily life as well as my comments
and opinions of this theory.

 

SET is defined in Wikipedia as:

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            a social
psychological and sociological
perspective that explains social
change and stability as       a process of
negotiated exchanges between parties. Social exchange theory posits that   human relationships are formed by the use of a subjective cost-benefit
analysis and the        comparison of
alternatives

https://en.wikipedia.org/wiki/Social_exchange_theory

Cherry (2017) further explained that according to this theory, people tend to weigh the
prospective benefits and risks of social relationships in order to maximize
benefits and minimize costs. In other words, when we enter a relationship, we
are inclined to evaluate the rewards we are likely to gain and the costs
we are willing to pay. If  the rewards outweigh the risks , we
will continue to develop the relationship and
vice versa (Liu, Vol?i?, & Gallois, 2015).