Full context:   Utilitarianism is often referred to as exchange theory or rational choice theory in the context of sociology. This tradition tends to privilege the agency of individual rational actors and assumes that within interactions individuals always seek to maximize their own self-interest. As argued by Josh Whitford, rational actors are assumed to have four basic elements: Exchange theory is specifically attributed to the work of George C. Homans, Peter Blau and Richard Emerson. Organizational sociologists James G. March and Herbert A. Simon noted that an individual's rationality is bounded by the context or organizational setting. The utilitarian perspective in sociology was, most notably, revitalized in the late 20th century by the work of former ASA president James Coleman.