A theory is formulated with which to analyze transactions in social retationships Economic types of exchange characterized by calculation and self-interest on the part of the actors are contrasted with more "social" forms of transaction such as occur in the cases of role relationships with interlocking rights and obligations and persons strongly attached to one another. The social factors and conditions determining the types of transaction likely to occur between actors are examined in the paper. The key idea in this respect is that the structural and temporal context of interaction, including the past and anticipated character of their relationship, affects actors' orientations toward one another, their preferences, decisions and interaction patterns.
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