PSY 3102 Lecture 6: Fairness and Equity

• School: University of Ottawa
• Department: Psychology
• Course: PSY 3102
• Professor: Yaroslav Konar

Document Summary

Attempts to explain all types of relationships, from ones with your friends and parents to ones with your romantic partners. Argues that relationships are based on the exchange of resources, with added costs and bene ts to each relationships. The simple economic principle of supply an demand applies: people put more value on things they do not have (i. e. money, hugs, etc. ) People also exchange rewards (giving something to someone comes at a cost to the giver) Repeated giving or receiving of the same commodity can result in an unequal cost-reward ratio. Resources are differentiated based on concreteness and particularity. Goods and services are more concrete than money. All 3 are more concrete than love , status, and information (all abstract) Love is most particularistic (needs to come from the right person) Money is the least particularistic (its value is always the same) Others argued that people try to seek fairness, hence the equity theory.