Professor Indrajit Ray
Professor of Economics
- rayi1@cardiff.ac.uk
- +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:
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My full CV is here.
Career:
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)
Education:
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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) |
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Master of Arts in Economics (with Grand Distinction) |
1993 |
Universite Catholique de Louvain, Louvain-la-Neuve, Belgium. |
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Master of Statistics (with Specialization in Economics) |
1992 |
Indian Statistical Institute, New Delhi, India. |
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Bachelor of Statistics (with First Class Honours) |
1990 |
Indian Statistical Institute, Calcutta, India. |
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Ucca-Madhyamik (Equivalent to A-levels) (Ranked 17th in West Bengal, India) |
1987 |
Ramakrishna Mission Residential College, Narendrapur, West Bengal, India. |
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Madhyamik (Equivalent to GCSE) (Ranked 10th in West Bengal, India) |
1985 |
Ramakrishna Mission Vidyapith, Purulia, West Bengal, India. |
My full CV is here.
2020
- Georgalos, K., Ray, I. and SenGupta, S. 2020. Nash versus coarse correlation. Experimental Economics (10.1007/s10683-020-09647-x)
2019
- Dokka, T.et al. 2019. Improving abatement levels and welfare by coarse correlation in an environmental game. Lancaster University Management School. Available at: https://www.lancaster.ac.uk/media/lancaster-university/content-assets/documents/lums/economics/working-papers/LancasterWP2019_009.pdf
2018
- Cabrales, A.et al. 2018. Do we need to listen to all stakeholders?: Communicating in a coordination game with private information. Working paper. Cardiff Business School. Available at: http://carbsecon.com/wp/E2018_23.pdf
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.
- 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.
2014
- 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; 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.
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.”
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