Social Exchange Theory explains the beginning stages of a romantic relationship through the initial evaluation of potential rewards and costs. In these early stages, individuals assess what they might gain from the relationship, such as emotional support, companionship, or social status, and weigh these against potential costs like time, emotional investment, or loss of other opportunities. The decision to enter or progress in a relationship is often influenced by the perceived balance of these rewards and costs. If the anticipated rewards outweigh the costs, the individual is likely to pursue the relationship further. However, it's important to note that in the initial stages, this assessment might be based more on expectations and less on actual experiences. As the relationship develops, these evaluations become more informed by actual interactions and experiences within the relationship.

Perceived equity and actual equity in relationships can often differ, as highlighted by Social Exchange Theory. Perceived equity refers to an individual's subjective assessment of the balance between what they contribute to a relationship and what they receive. This perception is influenced by personal feelings, past experiences, and expectations. Actual equity, on the other hand, is a more objective measure of this balance, looking at tangible inputs and outputs in the relationship. Discrepancies often arise because what one partner perceives as a fair and equitable contribution or reward may not be viewed the same by the other. This mismatch can lead to feelings of dissatisfaction or unfairness, even in situations where the actual equity might suggest a balanced relationship. Understanding these differences is crucial in addressing relationship issues and fostering a sense of fairness and satisfaction for both partners.

Social Exchange Theory can indeed be applied to long-distance relationships, though the dynamics may differ slightly from those in geographically close relationships. In long-distance relationships, the costs often include factors like the lack of physical presence, increased communication challenges, and potentially higher financial costs due to travelling. The rewards, meanwhile, might be more focused on emotional support, commitment, and the anticipation of future togetherness. The balance of these rewards and costs can be more challenging to maintain in long-distance relationships, and the Comparison Level for Alternatives (CLalt) might play a more significant role. Individuals in long-distance relationships often have to assess whether the emotional and future relational rewards sufficiently outweigh the present costs and challenges. Furthermore, the importance of communication and trust is amplified in these relationships, as they are key components in maintaining a sense of connection and satisfaction despite the physical distance.

Social Exchange Theory, which primarily views relationships through the lens of costs and rewards, might at first seem incompatible with altruistic behaviour. However, it can account for altruism in romantic relationships through the concept of long-term rewards. Altruistic acts, such as selflessly helping a partner, can be viewed as investments in the relationship that may yield future rewards. These rewards can be emotional (like increased affection and gratitude from the partner), relational (enhancing the overall quality and stability of the relationship), or even self-esteem related (feeling good about oneself for being caring and supportive). In this sense, altruism in relationships can be interpreted as a strategic investment in the future of the relationship, where the immediate 'cost' of the altruistic act is outweighed by the anticipated long-term 'rewards'.

The transition from dating to a long-term committed relationship significantly alters the cost-reward analysis in Social Exchange Theory. During the dating phase, individuals often focus on immediate rewards and costs, such as enjoyment, compatibility, and initial emotional investment. As the relationship progresses to long-term commitment, the nature of both rewards and costs deepens and broadens. Rewards in a committed relationship may include deeper emotional connection, shared life goals, and mutual support through life’s challenges. Costs may involve more significant sacrifices, such as compromising on career decisions or personal freedoms for the relationship's benefit. Additionally, the Comparison Level (CL) and Comparison Level for Alternatives (CLalt) become more refined and mature, as individuals now have more relationship experience to draw upon for their assessments. In committed relationships, individuals often prioritize long-term satisfaction and stability over short-term benefits, leading to a more complex and evolved cost-reward analysis.