Considering the theoretical and empirical untenability of static exchange networks, researchers have asked how exchange outcomes change when links are added or deleted. The present paper assesses the validity of seemingly sensible propositions concerning the effects of adding and deleting a link on (i) the payoffs of the actors in the link, (ii) the payoffs of actors in neighboring links and (iii) the variance of payoffs in the exchange network. The propositions were examined by applying expected value theory (EVT) to all 13,597 networks up to size 8. All propositions were falsified. Some falsifications of propositions could be attributed to EVTs prediction that actors use sub-optimal exchange relations. Since other well-known theories of exchange, like power-dependence theory and network exchange theory, also predict that actors use sub-optimal relations, these results are robust to selection of the theory of exchange.