![Indrajit Ray BStat, MStat, MA, PhD (Eco)](https://profiles-cardiff.imgix.net/attachments/1392?w=200&h=200&auto=format&crop=faces&fit=crop&q=90")
Professor Indrajit Ray
(he/him)
BStat, MStat, MA, PhD (Eco)
Professor of Economics
- Available for postgraduate supervision
Overview
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. My full CV is here.
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. I serve as (in) the:
Associate Editor, Economic Modelling
Associate Editor, Bulletin of Economic Research
Associate Editor, Arthabisleshon
Associate Editor, Quantitative and Qualitative Analysis in Social Sciences
Editorial Board, Theoretical Economics Letters
Editorial Board, Studies in Microeconomics
Chairman, Vidyapith
Publication
2024
- Ray, I. 2024. Following recommendations from public and private correlation devices in a game of chicken. Discussion Paper. Cardiff Business School Economics Section Working Paper Series.
- Forges, F. and Ray, I. 2024. “Subjectivity and correlation in randomized strategies”: Back to the roots. Journal of Mathematical Economics 114, article number: 103044. (10.1016/j.jmateco.2024.103044)
- Gonçalves, R. and Ray, I. 2024. Revenue implications of choosing discrete bid levels in a Japanese–English auction. Review of Economic Design 28(1), pp. 125-150. (10.1007/s10058-023-00337-7)
- Bailey, R. W., Kozlovskaya, M. and Ray, I. 2024. A difficulty in characterising mixed Nash equilibria in a strategic market game. Discussion Paper. CRETA, Department of Economics, University of Warwick.
- Mitra, M., Ray, I. and Roy, S. 2024. A characterisation of trading equilibria in strategic market games. Working paper. CRETA, Department of Economics, University of Warwick.
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)
- Ganguly, C. and Ray, I. 2023. Simple mediation in a cheap-talk game. Games 14(3), article number: 47. (10.3390/g14030047)
- Ganguly, C. and Ray, I. 2023. Information revelation and coordination using cheap talk in a game with two-sided private information. International Journal of Game Theory (10.1007/s00182-023-00857-0)
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)
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)
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)
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)
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)
- 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. 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.
- Ray, I. 2010. Game theory. In: Free, R. C. ed. 21st Century Economics: A Reference Handbook. Sage Publications, pp. 173-184.
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. Multiple equilibrium problem and non-canonical correlation devices. Working paper. Brown University.
- 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. Buying and selling in strategic market games. Economics Letters 71(1), pp. 49-53. (10.1016/S0165-1765(00)00393-1)
- Ray, I. 2001. On games with identical equilibrium payoffs. Economic Theory 17(1), pp. 223-231. (10.1007/PL00004099)
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
- Forges, F. and Ray, I. 2024. “Subjectivity and correlation in randomized strategies”: Back to the roots. Journal of Mathematical Economics 114, article number: 103044. (10.1016/j.jmateco.2024.103044)
- Gonçalves, R. and Ray, I. 2024. Revenue implications of choosing discrete bid levels in a Japanese–English auction. Review of Economic Design 28(1), pp. 125-150. (10.1007/s10058-023-00337-7)
- 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)
- Ganguly, C. and Ray, I. 2023. Simple mediation in a cheap-talk game. Games 14(3), article number: 47. (10.3390/g14030047)
- Ganguly, C. and Ray, I. 2023. Information revelation and coordination using cheap talk in a game with two-sided private information. International Journal of Game Theory (10.1007/s00182-023-00857-0)
- 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. Buying and selling in strategic market games. Economics Letters 71(1), pp. 49-53. (10.1016/S0165-1765(00)00393-1)
- Ray, I. 2001. On games with identical equilibrium payoffs. Economic Theory 17(1), pp. 223-231. (10.1007/PL00004099)
- 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
- 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. 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.
- Ray, I. 2010. Game theory. In: Free, R. C. ed. 21st Century Economics: A Reference Handbook. Sage Publications, pp. 173-184.
- 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
- Ray, I. 2024. Following recommendations from public and private correlation devices in a game of chicken. Discussion Paper. Cardiff Business School Economics Section Working Paper Series.
- Bailey, R. W., Kozlovskaya, M. and Ray, I. 2024. A difficulty in characterising mixed Nash equilibria in a strategic market game. Discussion Paper. CRETA, Department of Economics, University of Warwick.
- Mitra, M., Ray, I. and Roy, S. 2024. A characterisation of trading equilibria in strategic market games. Working paper. CRETA, Department of Economics, University of Warwick.
- 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
- Ray, I. 2002. Multiple equilibrium problem and non-canonical correlation devices. Working paper. Brown University.
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) a number of research grants from different external and internal funding bodies. 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:
3rd year: BS3566: Microeconomic Analysis (with Tommaso Reggiani and Ramakanta Patra); I am the module coordinator for this module.
2nd year: BS2550: Microeconomic Theory (with Tommaso Reggiani).
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).
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. |
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)
Supervisions
Game Theory
Experimental and Behavioural Economics
Contact Details
RayI1@cardiff.ac.uk
+44 29208 74960
Aberconway Building, Room E25, Colum Road, Cathays, Cardiff, CF10 3EU
+44 29208 74960
Aberconway Building, Room E25, Colum Road, Cathays, Cardiff, CF10 3EU
Research themes
Specialisms
- Game Theory
- Experimental and Behavioural Economics