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Exchange rational choice theory is about the rational choice that people are motivated to take or do things depending on what they perceive as the best for personal benefits.
Exchange theory is about the use of rational choice on social interactions between two or more people. These are two theories that are interlinked.
Exchange theory derives from economics rational choice theory and from the study of relationships and exchanges where it is believed that individuals’ evaluate alternative courses of action to get the highest value at the lowest price in any transaction.
The rational actor model assumes the actors cognitively weigh potential costs and benefits from the alternative exchange partners and actions.
The theory compares the legal price with funding alternatives and complies with law duties and is considered appropriate for much legal decision making.
The key disciplines show the different degrees of interest where the direct exchange between two actors is dependent on one another.
A generalized exchange happens when more than 2 actors and the reciprocal dependence are indirect, and productive exchange can be seen in the condition when the actors participate in the manner to benefit (like co-authoring a book).
Economists explain the roots of social exchange begins with the assumptions of utilitarian economies where social exchanges are connected to long term social relationships that occur within the communities.
Such exchange depends largely on contractual obligations rather than bonds between a group of people or individuals.
Also, there is an emphasis on social structure in the given framework where exchanges operate, and the resultant structural change created through these processes distinguishes social exchange theory from a perspective in psychology and financial economics.
The modern theories on global exchange for social investment claim in contract to the reciprocal relations mentioned in the classical theories and the most contemporary theorists study exchange that is negotiated through explicit bargaining.
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