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Professor Indrajit Ray

Professor Indrajit Ray

Professor of Economics

Cardiff Business School

+44 (0)29 2087 4960
E25, Aberconway Building, Colum Road, Cathays, Cardiff, CF10 3EU
Available for postgraduate supervision


I joined the Economics Section, Cardiff Business School as a Professor of Economics in September, 2014.

Since January 2019, I also hold the position of the Infosys Foundation Distinguished Chair Professor of Economics in Presidency University, Kolkata (formerly, Presidency College, Calcutta) in India. 

I have previously taught at the Economics departments of University of York (UK), Brown University (USA) and University of Birmingham (UK).

I also am an associate Fellow, CRETA, Department of Economics, University of Warwick.

My area of academic research is Game Theory, Mathematical Economics and Experimental Economics. 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 serve as (in) the:

Chairman, Vidyapith

My full CV is here.



Presidency University (Infosys Foundation Distinguished Chair Professor, since January 2019)   

CRETA, University of Warwick (Associate Fellow, since 2009)

University of Birmingham (Senior Lecturer 2002 - 2004; Reader 2004 - 2007; Professor 2007 - 2014)

Brown University (Visiting Assistant Professor 2002)

University of York (Lecturer 1996 - 2002)


PhD in Economics

(under European Doctoral Program (EDP))

Correlation, Coalitions & Strategic Games.


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)


Universite Catholique de Louvain, Louvain-la-Neuve, Belgium.

Master of Statistics

(with Specialization in Economics)


Indian Statistical Institute, New Delhi, India.

Bachelor of Statistics

(with First Class Honours)


Indian Statistical Institute, Calcutta, India.

Ucca-Madhyamik (Equivalent to A-levels)

(Ranked 17th in West Bengal, India)


Ramakrishna Mission Residential College, Narendrapur, West Bengal, India.

Madhyamik (Equivalent to GCSE)

(Ranked 10th in West Bengal, India)


Ramakrishna Mission Vidyapith, Purulia, West Bengal, India.

My full CV is here.






















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; currently, not running) 

I am the module coordinator for the modules Microeconomic Analysis (BS3566) and Social Welfare (BS3574).

Postgraduate (2nd year - MRes):

BST174: Advanced Political Economy (with Joshy Easaw and Samuli Leppälä)

I am also the module coordinator for the module PhD Workshops and Research Methods (BST181).

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.


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.


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.”