In this study of the old-old, perceptions of thirty-one individuals regarding exchanges in their social relationships are explored. Two questions are addressed: 1) What cognitive mechanisms are used to assess equity in social exchanges? 2) What is the relationship between these mechanisms and other psychological phenomena? Using a qualitative methodology, six cognitive mechanisms are identified. Their use appears to be associated with both beneficial and detrimental subjective reactions. Findings from this study suggest that cognitive mechanisms are an important focus of inquiry because they may mediate the relationship between social exchanges and well-being.
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