Final answer:
Social exchange theory explains social interactions as a process of maximizing benefits and minimizing costs, underpinned by various psychological theories like Baumeister and Leary's fundamental human motivation for social contact, Bandura's social-cognitive theory, and Maslow's Hierarchy of Needs.
Step-by-step explanation:
Social exchange theory is a psychological and sociological perspective that explains social change and stability as a process of negotiated exchanges between parties. It posits that social behavior is the result of an exchange process to maximize benefits and minimize costs to oneself. The theory is often used to describe interpersonal relationships. Two individuals or groups engage in a series of social exchanges, and each exchange is a transaction. Over time, these exchanges create obligations and expectations.
According to Baumeister and Leary, the need for interpersonal attachments is a fundamental human motivation, suggesting a strong drive for social contact that can be motivated by various goals, such as information seeking, establishing one's self-concept, and emotional regulation. These interpersonal interactions can lead to psychosocial benefits or costs, shaping an individual's motivation to engage or disengage in social contact.
Various theories, such as social-cognitive theory and Maslow's Hierarchy of Needs, contribute to our understanding of these social motives and drives. Albert Bandura's social-cognitive theory emphasizes cognition and learning in the development of personality, including motivation derived from our self-efficacy beliefs. Understanding these various theories provides insight into the psychological foundations of social interaction and relationship forming.