![Indrajit Ray](https://profiles-cardiff.imgix.net/attachments/1392?w=200&h=200&auto=format&crop=faces&fit=crop&q=90")
Professor Indrajit Ray
Professor of Economics
- RayI1@cardiff.ac.uk
- +44 29208 74960
- Aberconway Building, Room E25, Colum Road, Cathays, Cardiff, CF10 3EU
- Available for postgraduate supervision
Overview
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:
|
|
My full CV is here.
Publication
2023
- Dokka, T., Moulin, H., Ray, I. and SenGupta, S. 2023. Equilibrium design in an n-player quadratic game. Review of Economic Design 27, pp. 419-438. (10.1007/s10058-022-00299-2)
2020
- Georgalos, K., Ray, I. and SenGupta, S. 2020. Nash versus coarse correlation. Experimental Economics 23, pp. 1178-1204. (10.1007/s10683-020-09647-x)
- Mitra, M., Ray, I. and Roy, S. 2020. A characterisation of trading equilibria in market games. Working paper. Cardiff Business School.
2018
- Cabrales, A., Drouvelis, M., Gurguc, Z. and Ray, I. 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
- 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)
- 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.
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)
Articles
- Dokka, T., Moulin, H., Ray, I. and SenGupta, S. 2023. Equilibrium design in an n-player quadratic game. Review of Economic Design 27, pp. 419-438. (10.1007/s10058-022-00299-2)
- Georgalos, K., Ray, I. and SenGupta, S. 2020. Nash versus coarse correlation. Experimental Economics 23, pp. 1178-1204. (10.1007/s10683-020-09647-x)
- 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)
- 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)
- 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)
- 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)
- 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. 2008. Multiplicity of equilibrium in canonical and non-canonical correlation devices: an example. Arthaniti 7(1-2), pp. 74-84.
- 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)
- 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)
- 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)
- 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.
- 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)
- 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)
- 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)
- 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)
- Ray, I. 1998. Correlated equilibrium as a stable standard of behavior. Review of Economic Design 3(3), pp. 257-269. (10.1007/s100580050016)
- 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)
Book sections
- 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.
- 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. 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.
Monographs
- Mitra, M., Ray, I. and Roy, S. 2020. A characterisation of trading equilibria in market games. Working paper. Cardiff Business School.
- Cabrales, A., Drouvelis, M., Gurguc, Z. and Ray, I. 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
- 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.
- 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.
- Ganguly, C. and Ray, I. 2012. Simple mediation in a cheap-talk game. Discussion Paper. Birmingham: University of Birmingham.
Research
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.
GRANTS AWARDED:
External:
- 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.
Internal:
- 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.
Teaching
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.
Biography
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. |
Honours and awards
SCHOLARSHIPS:
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
Career:
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
EDITORIAL ACTIVITIES:
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.
RAPPORTEUR: ESRC.
DOCTORAL THESIS EXAMINATION:
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.
Supervisions
Game Theory
Experimental and Behavioural Economics