Testing Ten Theories

Using the most comprehensive data set now available, this investigation tests the precision of all exchange theories that now contend. Beyond precision, the investigation focuses on broad issues of effectiveness including consistency, parsimony, and whether the theories can be applied to structures larger than normally studied in the lab. Seeking greater parsimony, this investigation introduces a new model by combining parts of two contending theories. We find that all ten theories have scientific merit for all can predict with some effectiveness for the exchange structures experimentally investigated. Nevertheless, the ten vary in precision. Elementary Theory is the most precise. The new Expected-value Resistance model ranks second in precision and is the simplest. Both apply to large networks as well as the best of the other theories.