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Indrajit Ray

Professor Indrajit Ray

Professor of Economics

Cardiff Business School

+44 29208 74960
Aberconway Building, Room E25, 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.

I have previously taught at the Economics departments of University of York (UK), Brown University (USA) and University of Birmingham (UK). I held the position of the Infosys Foundation Distinguished Chair Professor of Economics in Presidency University, Kolkata (formerly, Presidency College, Calcutta) in India, for two years (January 2019 - January 2021).

I also am an Associate Fellow, CRETA, Department of Economics, University of Warwick, since September, 2009.

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:

Associate Editor, Economic Modelling
Associate Editor, Arthabisleshon
Associate Editor, Quantitative and Qualitative Analysis in Social Sciences
Editorial Board, Studies in Microeconomics
Chairman, Vidyapith

My full CV is here.






















Book sections



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 – 31st March 2018 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: July 2017 to host visiting scholar for £1400; June 2016 to host META workshop for £1500; May 2016 for research trip to Kolkata 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, Catolica 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.”

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 Tommaso Reggiani and Ramakanta Patra); I am the module coordinator for this module.

Postgraduate (2nd year - MRes):

BST174: Advanced Political Economy (with Joshy Easaw)

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

My full CV is here.



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.

Honours and awards


Doctoral Fellowship, CORE: 1992 – 1996.

Students' Scholarship, Indian Statistical Institute: 1987 – 1992.

Merit Scholarship, Government of India: 1982 – 1987.

Professional memberships

Econometric Society

Royal Economic Society

Game Theory Society

Society for the Promotion of Economic Theory.

Academic positions


Presidency University (Infosys Foundation Distinguished Chair Professor, January 2019 - January 2021)   

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)

Committees and reviewing


ASSOCIATE EDITOR: Economic Modelling (2019 - ), Bulletin of Economic Research (2012 - ), Arthabisleshon (2012 - ). Quantitative and Qualitative Analysis in Social Sciences (2005 - ).

CO-EDITOR: Arthaniti AJETP (2015 - ).

EDITORIAL BOARD: Studies in Microeconomics (2012 - ), Theoretical Economics Letters (2011 - ).

EDITOR: Bulletin of Economic Research (2000 - 2005).

GUEST EDITOR (Special Issues on Natural Resource Economics and Game Theory and Economic Behavior): Theoretical Economics Letters (2013).

GUEST EDITOR (Special Issue on Auctions: Theory, Applications and (Lab and Field) Experiments): Games (2022).

MEMBER PANEL : "A Level Economics: Looking Ahead" (Nuffield Curriculum Centre, April 2006).

REFEREEING (at least once):


Journals: Econometrica, Economic Journal, Journal of European Economic Association, European Economic Review, International Economic Review, Journal of Economic Theory, Theoretical Economics, Games and Economic Behavior, Economic Theory, Economics Letters, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control, Journal of Mathematical Economics, Berkeley Electronic Press Journals in Theoretical Economics, International Journal of Game Theory, Social Choice and Welfare, Mathematical Social Sciences, Review of Economic Design, Games, Journal of Public Economic Theory, Journal of Health Economics, Health Economics, Environment and Resource Economics, Climate Change Economics, Oxford Economic Papers, Manchester School, Economics Bulletin, Economic Modelling, Bulletin of Economic Research, Applied Economics, Japanese Economic Review, Central European Journal of Operations Research, Asia Pacific Management Review, Nature Scientific Report, Journal of Microeconomics, Quantitative and Qualitative Analysis in Social Sciences, Studies in Economics and Finance, Theoretical Economics Letters, Arthaniti AJETP, Symmetry, International Journal of Environmental Research and Public Health.

Publishing Houses: Oxford University Press, Cambridge University Press, Pearson, McGraw-Hill, Palgrave Macmillan, Routledge, Edward Elgar, Thomson Learning, World Scientific.

Funding Bodies: ESRC, EPSRC, British Academy, Nuffield Foundation, NSF USA, SSHRC Canada.






Internal Examiner:

Peiying Tian (on Trade Theory at Cardiff)                                                    2022

Jingjing Zhang (on Trade Theory at Cardiff)                                                 2018

Wei Pang (on Ambiguity at Birmingham)                                                       2005

Eduardo Ramos (on Defence Economics at York)                                         2002


External Examiner:

Damiano Turchet (on Market Games at Glasgow)                                         2022

Rohan Chowdhury (on Matching and Contests at Glasgow)                         2021

Arpit Parija (on Banking, Credit and Default at IIM Kolkata)                      2021

Alvina Sabah Idrees (on Entrepreneurialism at GCU Lahore)                      2021

Chara Tzanetaki (on Networks at Warwick)                                                   2018

Yihang Li (on Contract Theory at Bath)                                                        2017

Wenbo Zhao (on Cheap Talk Games at Bristol)                                            2016

Akshay Singh (on Bradley-Terry Models at IIM Bangalore)                         2016

Elnaz Bajoori (on Perfect Equilibrium at Maastricht)                                    2013

Natalia Gonzalez-Gomez (on Bargaining at Warwick)                                 2012

Pak Yee Lee (on Multi-Market Contact at Leicester)                                   2011

Marcin Dziubinski (on Spatial Games at Lancaster)                                     2009

Lynn Lee-Mei Willis (on Auctions at York)                                                 2005

My full CV is here.


Game Theory
Experimental and Behavioural Economics