Correct Endgame Exchanges

As we head into the endgame we're often faced with the decision of whether to trade or not. It might be like for like, as in removing a pair of rooks or an exchange leading to a material imbalance, such as a minor piece for three pawns or a bishop and a knight for a rook and a pawn or two.

How do we know when it will benefit us or hurt us?

Some of the ideas we hear are - "Trade pawns not pieces when you're material down."

"Opposite coloured bishop endings are more likely to end in a draw", and it's true that you can be 2 pawns down and still draw an ending with ocb's

It is generally thought that a bishop will outplay a knight in an end game with pawns on both sides of the board. Certainly if the knight's activity can be stifled the extra reach of the bishop will carry extra weight.

Every position has individual characteristics though and there are often no old addages that apply.

I hope to gather as many examples of this kind of dilemma as I can here.