A theory of the role of exchange in interpersonal relationships such as marriage and friendship was proposed. Perceived exchange equity is almost impossible to attain in marriage because of greater sensitivity to self than to others. It was hypothesized that exchange-orientation is inimical to marriage adjustment, with exchange-exchange couples being less happy than other possible exchange combinations (exchange-nonexchange, nonexchange-nonexchange). An exchange-orientation, however, was hypothesized to be quite appropriate for limited or beginning friendships, and exchange-exchange couples should develop greater friendship intensity than other combinations. The data generally favored these hypotheses. (Author)