Professor Indrajit Ray
Professor of Economics
- rayi1@cardiff.ac.uk
- +44 (0)29 2087 4960
- S30, Aberconway Building, Colum Road, Cathays, Cardiff, CF10 3EU
I joined the Economics Section, Cardiff Business School as a Professor of Economics in September, 2014. My area of academic research is Game Theory, Mathematical Economics and Experimental Economics. I have previously taught at University of York, University of Birmingham and Brown University. I have published numerous research articles in international journals, have visited different universities in several countries to present my research in workshops and seminars. I also am an
Associate Fellow, CRETA, Department of Economics, University of Warwick
Editor, Arthabisleshon
Editor, Arthaniti
Associate Editor, Bulletin of Economic Research
Associate Editor, Quantitative and Qualitative Analysis in Social Sciences
Editorial Board Member, Studies in Microeconomics
Editorial Board Member, Theoretical Economics Letters
and the Chairman, Vidyapith.
My full CV is here.
Career:
University of Birmingham (Senior Lecturer 2002 - 2004; Reader 2004 - 2007; Professor 2007 - 2014)
CRETA, University of Warwick (Associate Fellow, since 2009)
Brown University (Visiting Assistant Professor 2002)
University of York (Lecturer 1996 - 2002)
Education:
PhD in Economics (under European Doctoral Program (EDP)) Correlation, Coalitions & Strategic Games. | 1996 | CORE, Louvain-la-Neuve, Belgium. Visiting PhD Student (1994): LSE (Jan - Mar) and Tel Aviv (Apr - July) |
Master of Arts in Economics (with Grand Distinction) | 1993 | Universite Catholique de Louvain, Louvain-la-Neuve, Belgium. |
Master of Statistics (with Specialization in Economics) | 1992 | Indian Statistical Institute, New Delhi, India. |
Bachelor of Statistics (with First Class Honours) | 1990 | Indian Statistical Institute, Calcutta, India. |
Ucca-Madhyamik (Equivalent to A-levels) (Ranked 17th in West Bengal, India) | 1987 | Ramakrishna Mission Residential College, Narendrapur, West Bengal, India. |
Madhyamik (Equivalent to GCSE) (Ranked 10th in West Bengal, India) | 1985 | Ramakrishna Mission Vidyapith, Purulia, West Bengal, India. |
2017
- Goncalves, R. and Ray, I. 2017. A note on the wallet game with discrete bid levels. Economics Letters 159, pp. 177-179. (10.1016/j.econlet.2017.07.032)
- Goncalves, R. and Ray, I. 2017. Partition equilibria in a Japanese-English auction with discrete bid levels for the wallet game. Discussion Paper. Coventry: University of Warwick.
- Ray, I. 2017. Coarse correlation and coordination in a game: an experiment. Working paper. Lancaster University, Department of Economics.
- Ganguly, C. and Ray, I. 2017. Information revelation and coordination using cheap talk in a game with two-sided private information. Discussion Paper. Coventry: University of Warwick.
- Cabrales, A.et al. 2017. Transparency is overrated: communicating in a coordination game with private information. Discussion Paper. Centre for Economic Policy Research.
2014
- Moulin, H., Ray, I. and Gupta, S. 2014. Coarse correlated equilibria in an abatement game. Working paper. Cardiff: Cardiff University.
- Moulin, H., Ray, I. and Sen Gupta, S. 2014. Improving Nash by coarse correlation. Journal of Economic Theory 150, pp. 852-865. (10.1016/j.jet.2013.10.008)
2013
- Bone, J., Droiuvelis, M. and Ray, I. 2013. Coordination in 2 x 2 games by following recommendations from correlated equilibria. Discussion Paper. Birmingham: University of Birmingham.
- Ray, I. and Snyder, S. 2013. Observable implications of Nash and subgame-perfect behavior in extensive games. Journal of Mathematical Economics 49(6), pp. 471-477. (10.1016/j.jmateco.2013.08.008)
2012
- Ray, I. and Gupta, S. S. 2012. Coarse correlated equilibria in linear duopoly games. International Journal of Game Theory 42(2), pp. 541-562. (10.1007/s00182-012-0360-8)
- Ganguly, C. and Ray, I. 2012. Simple mediation in a cheap-talk game. Discussion Paper. Birmingham: University of Birmingham.
2010
- Kar, A., Ray, I. and Serrano, R. 2010. A difficulty in implementing correlated equilibrium distributions. Games and Economic Behavior 69(1), pp. 189-193. (10.1016/j.geb.2008.11.006)
- Ray, I. 2010. Game theory. In: Free, R. C. ed. 21st Century Economics: A Reference Handbook. Sage Publications, pp. 173-184.
- Ray, I. and Ganguly, C. 2010. Unmediated and mediated communication equilibria of Battle of the Sexes with incomplete information. In: Basu, B. et al. eds. Econophysics & Economics of Games, Social Choices and Quantitative Techniques. New Economic Windows Springer, pp. 347-361.
- Ganguly, C. and Ray, I. 2010. Cheap talk: basic models and new developments. In: Dhar, A. ed. Some Contemporary Issues on Development and Growth Economics. Allied Publishers Private Limited, pp. 383-416.
2008
- Ray, I. 2008. Subgame perfection. In: Darity, W. A. J. ed. International Encyclopedia of the Social Sciences, 2nd Edition. Detroit, MI: Macmillan Reference USA, pp. 193-194.
- Ray, I. 2008. Multiplicity of equilibrium in canonical and non-canonical correlation devices: an example. Arthaniti 7(1-2), pp. 74-84.
2006
- Polemarchakis, H. M. and Ray, I. 2006. Sunspots, correlation and competition. Games and Economic Behavior 56(1), pp. 174-184. (10.1016/j.geb.2005.05.003)
2005
- Ray, I. and Ganguly, C. 2005. Scarcity, conflicts, and cooperation: essays in the political and institutional economics of development. Economic Journal 115(507), pp. F415-F418. (10.1111/j.1468-0297.2005.01043_3.x)
- Ray, I. 2005. Game theory and the environment: old models and new solution concepts. In: Sahu, N. C. and Choudhury, A. K. eds. Dimensions of Environmental and Ecological Economics. Orient Blackswan, pp. 156-167.
2004
- Carvajal, A., Ray, I. and Snyder, S. 2004. Equilibrium behavior in markets and games: testable restrictions and identification. Journal of Mathematical Economics 40(1-2), pp. 1-40. (10.1016/j.jmateco.2003.06.001)
- Ray, I. 2004. Strategic multilateral exchange: general equilibrium with imperfect competition. Economic Journal 114(496), pp. F336-F338. (10.1111/j.1468-0297.2004.00226_3.x)
2003
- Ray, I. and Snyder, S. 2003. On rationalization of Nash and subgame-perfect behavior from observed outcomes. Arthaniti (New Series) 2(1-2), pp. 62-78.
2002
- Ray, I. 2002. Social and economic networks in cooperative game theory. By Slikker (Macro) and van den Nouweland (Anne) [Book Review]. The Economic Journal 112(480), pp. F388-F390. (10.1111/1468-0297.t01-18-00050)
2001
- Ray, I. and Zhou, L. 2001. Game theory via revealed preferences. Games and Economic Behavior 37(2), pp. 415-424. (10.1006/game.2001.0845)
- Ray, I. 2001. On games with identical equilibrium payoffs. Economic Theory 17(1), pp. 223-231. (10.1007/PL00004099)
- Ray, I. 2001. Buying and selling in strategic market games. Economics Letters 71(1), pp. 49-53. (10.1016/S0165-1765(00)00393-1)
2000
- Ray, I. 2000. Consistency, dummy and independence of irrelevant strategies for strategic games. Social Choice and Welfare 17(2), pp. 217-222. (10.1007/s003550050016)
1999
- Ray, I. and De Fraja, G. 1999. Slot allocation: a model of competition between firms when consumers are procedurally rational. Mathematical Social Sciences 38(1), pp. 71-81. (10.1016/S0165-4896(98)00032-8)
1998
- Ray, I. 1998. Correlated equilibrium as a stable standard of behavior. Review of Economic Design 3(3), pp. 257-269. (10.1007/s100580050016)
1996
- Ray, I. 1996. Coalition-proof correlated equilibrium: a definition. Games and Economic Behavior 17(1), pp. 56-79. (10.1006/game.1996.0094)
- Ray, I. 1996. Efficiency in correlated equilibrium. Mathematical Social Sciences 32(3), pp. 157-178. (10.1016/S0165-4896(96)00819-0)
My teaching area, broadly speaking, is Microeconomics. In particular, I teach concepts and applications of Game Theory; I also teach aspects of Social Choice Theory and General Equilibrium Theory.
I currently teach (parts of) the following modules in the Economics Section:
Undergraduate (3rd year):
BS3566: Microeconomic Analysis (with Helmuts Azacis)
BS3574: Social Welfare (with Melanie Jones)
Postgraduate (2nd year - MRes):
BST174: Advanced Political Economy (with Joshy Easaw and Samuli Leppälä)
I am also the module coordinator for Microeconomic Analysis (BS3566) and Social Welfare (BS3574).
I work on different topics related to strategic games; in particular, my research focuses on theoretical concepts such as mediation, communication, rationalization and applied topics such as oligopolies, strategic market games, auctions and environmental games. I also conduct experiments to test notions such as correlation, sunspots and cheap talk. I have received (individually or a member of a team) the following research grants from different external and internal funding bodies.
External:
British Academy/Leverhulme Small Grant: 1st April 2016 – 30th September 2017 on “Auctions with Discrete Bids” for £9530.
British Academy Small Grant: 1st July 2010 – 31st July 2012 on “Mediation in Environmental Games” for £7500.
Co-applicant for British Academy Small Grant (with Chirantan Ganguly): 1st July 2010 – 31st May 2012 on “Communication in Teams” for £7300.
Royal Economic Society Conference Grant: 2004 (for £225) and 1998.
Royal Economic Society Bursary (to attend the RES Easter School): 1997.
Internal:
Section Research Initiative, Economics Section, Cardiff Business School, Cardiff University: June 2016 to host the META workshop in Cardiff for £1500; May 2016 towards research trip to Indian Statistical Institute, Calcutta for £600.
Co-applicant for GW4 Initiator Fund, (with Francesco Giovannoni, Peter Postl and Rajiv Sarin): May 2016 on “Incentives for Conflict and Cooperation” for £13,710.
Co-applicant for Research Fund, Cotolica Porto Business School (with Ricardo Gonçalves, Konstantinos Georgalos and Sonali Sen Gupta): October 2015 – July 2016 on “Experiments on Auctions” for €1500.
Co-applicant for Research Fund, Department of Economics, Lancaster University Management School (with Konstantinos Georgalos and Sonali Sen Gupta): October 2014 – July 2015 on “Experiments on Coarse Correlated Equilibrium” for £2000.
CoSS ASSC Fund, University of Birmingham: July 2014 towards collaborative research in India for £1000.
Co-applicant for Research and KT Fund, School of Government and Society, University of Birmingham (with Chris Skelcher and Erik-Hans Klijn): April 2011 – September 2011 on “Exploring the Potential for using Experimental Economics to Improve Understanding of the Micro-Politics of Public-Private Partnerships” for £1745.
India Travel Fund, University of Birmingham: December 2010 towards collaborative research in universities in Calcutta for £1300; May 2014 for £200.
Co-applicant for Super Pump Priming Fund, Department of Economics & Related Studies, University of York (with John Bone and Michalis Drouvelis): March 2010 – June 2010 on “Experiments on Correlated Equilibrium” for £2500.
Named researcher for Bridging the Gap Fellowship, School of Computer Science, University of Birmingham(with Rami Bahsoon): February 2010 – December 2010 on “A Framework for Dynamic Self-Optimization of Power and Quality of Service (QoS) in Cloud Architectures.”