Professor Indrajit Ray

Professor of Economics (Chair in Economic Theory)

Department of Economics


Contact details

Telephone +44 (0) 121 414 8566

Fax +44 (0) 121 414 7377


Department of Economics
JG Smith Building
University of Birmingham
B15 2TT


Indra Ray works on communication in games, in particular, theoretical concepts such as implementation in correlated strategies, mediation in cheap talk games and applied topics such as correlation in oligopolies, strategic market games and environmental games. He also conducts experiments on notions of correlation, sunspots and cheap talk.


Feedback and office hours

Tuesday 10:30-12

Thursday 10:30-12


Bachelor of Statistics (with First Class Honours), Indian Statistical Institute, Calcutta, 1990.

Master of Statistics (with Specialization in Economics), Indian Statistical Institute, New Delhi, 1992.

Master of Arts in Economics (with Grand Distinction), Universite Catholique de Louvain, Louvain-la-Neuve, Belgium, 1993.

PhD in Economics (under the European Doctoral Program (EDP)), CORE, Louvain-la-Neuve, Belgium, 1996. (Visiting PhD Student, London School of Economics, Tel Aviv University, 1994)

Thesis title: Correlation, Coalitions & Strategic Games.


Indra Ray received his PhD under the European Doctoral Programme in 1996 and became a chaired Professor in 2007. His area of academic research is Game Theory, Mathematical Economics and Experimental Economics. He is an ex-student of premier institutions such as Indian Statistical Institute, India and CORE, Belgium. He has previously taught at University of York, UK and Brown University, USA. He has published numerous research articles in international journals, has visited different universities in several countries to present his research in workshops and seminars.



Microeconomics B

Game Theory

Undergraduate Extended Essay Supervision:

Game Theory                       


Game Theory 

Postgraduate supervision

Chirantan Ganguly (on Games with Cheap Talk) 2003 - 2007

(Currently, Lecturer in Queen’s University Belfast)

Sonali Sen Gupta (on Correlation in Oligopoly) 2008 - 2013

(Currently, Lecturer in Lancaster University)


RESEARCH INTERESTS: Game Theory; General Equilibrium Theory; Social Choice Theory; Experimental Economics; Environmental Economics. 

Other activities

Research Group Leader, Economic Theory

Member, Departmental Research Committee

Welfare Officer, Department of Economics (Spring 2014 only)

Organiser, Departmental Seminar Series

Member, Departmental Interview Panel


Published Articles in Refereed Journals:

1. Moulin, H., I. Ray and S. Sen Gupta 2013: “Improving Nash by Coarse Correlation.” Journal of Economic Theory, 150, 852-865.

2. Ray, I. and S. Snyder  2013: “Observable Implications of Nash and Subgame-Perfect Behavior in Extensive Games.” Journal of Mathematical Economics, 49(6), 471-477.

3. Ray, I. and S. Sen Gupta  2013: “Coarse Correlated Equilibria in Linear Duopoly Games.” International Journal of Game Theory, 42(2), 541-562.

4. Kar, A., I. Ray and R. Serrano  2010: “A Difficulty in Implementing Correlated Equilibrium Distributions.” Games and Economic Behavior, 69(1), 189-193.

5. Polemarchakis, H. and I. Ray  2006: “Sunspots, Correlation and Competition.” Games and Economic Behavior, 56(1), 174-184.

6. Carvajal, A., I. Ray and S. Snyder  2004: “Equilibrium Behavior in Markets and Games: Testing, Identification, and Comparative Statics.” Journal of Mathematical Economics, 40(1-2), 1-40.

7. Ray, I.  2001: “On Games with Identical Equilibrium Payoffs.” Economic Theory, 17(1), 223-231.

8. Ray, I.  2001: “Buying and Selling in Strategic Market Games.” Economics Letters, 71(1), 49-53.

9. Ray, I. and L. Zhou  2001: “Game Theory via Revealed Preferences.” Games and Economic Behavior, 37(2), 415-424.

10. Ray, I.  2000: “Consistency, Dummy and Independenceof Irrelevant Strategies for Strategic Games.” Social Choice and Welfare, 17(2), 217‑222.

11. De Fraja, G. and I. Ray  1999: “Slot Allocation: Competition between Firms when Consumers are Procedurally Rational.” Mathematical Social Sciences, 38(1), 71-81.

12. Ray, I.  1998: “Correlated Equilibrium as a Stable Standard of Behavior.” Review of Economic Design, 3(3), 257-269.

13. Ray, I.  1996: “Efficiency in Correlated Equilibrium.” Mathematical Social Sciences, 32(3), 157-178.

14. Ray, I.  1996: “Coalition-proof Correlated Equilibrium: A Definition.” Games and Economic Behavior, 17(1), 56-79.


Game Theory; mathematical models to study conflict/co-operation between intelligent, rational decision-makers; its application in economics, politics, sociology, law, biology and computer science.

Media experience


TV: BBC 1: The Big Questions (18th November, 2007 on Buy-Nothing Day).

Radio: Voice of America (Bengali): Interview (8th May, 2010 on British Elections).

TV: Star Ananda (Bengali): Interview (10th August, 2011 on Riots in England)

Web Radio: Radiobanglanet (Bengali): Interview (15th August, 2012 on Indian Independence)

Web, Print Media: Associated Press: Comments (12th March, 2013 on Papal Election)

Radio: BBC Herford and Worcester: Interview (3rd October, 2013 on Lottery Prices).


Radiobanglanet (Bengali): “Aynar Mukhomukhi” (23rd September, 2012)


Op-Ed Column,The Telegraph, Calcutta, India (In English)

20th March, 1997; 7th May, 1997; 17th July, 1997; 12th September, 1997 (Book Review); 8th October, 1997; 30th December, 1997; 4th February, 1998; 15th October, 1998; 7th January, 1999; 15th November, 1999; 7th June, 2000; 3rd July, 2000; 24th July, 2000; 28th February, 2001; 29th March, 2001; 5th September, 2001; 14th November, 2001; 17th April, 2002.

Perspective Column,Sakaal Times, Pune, India (In English)

24th August, 2008.

Ei Samay Column, Desh, Calcutta, India (In Bengali)

18th March, 2003; 18th May, 2003; 17th April, 2004; 17th June, 2004; 2nd November, 2004; 17th March, 2005; 17th April, 2005; 17th May, 2005; 2nd July, 2005; 17th July, 2005; 17th August, 2005; 17th September, 2005; 2nd October, 2005; 17th November, 2005; 2nd December, 2005; 2nd February, 2006; 17th February, 2006; 17th March, 2006; 2nd June, 2006; 2nd June, 2007; 17th June, 2007 (Last Page); 17th July, 2007; 2nd October, 2007; 17th November, 2007 (Last Page); 2nd December, 2007; 17th January, 2008; 2nd February, 2008; 2nd March, 2008; 17th April, 2008; 2nd July, 2008; 17th July, 2008; 2nd October, 2008; 17th October, 2008; 2nd November, 2008; 17th November, 2008 (Last Page); 17th February, 2009 (Last Page); 17th April, 2009; 17th June, 2009; 2nd January, 2010; 17th January, 2010; 2nd February, 2010 (Personal Comments on a Book); 2nd May, 2010 (Book Review); 17th May, 2010; 17th June, 2010; 2nd July, 2010; 17th August 2010; 2nd October, 2010; 17th November, 2010; 17th December, 2010; 17th July, 2011 (Book Review); 17th August, 2011; 17th September, 2011; 2nd June, 2012 (Book Review); 17th December, 2013 (Book Review).

Op-Ed Column,Ebela, Calcutta, India (In Bengali)

27th October, 2012; 17th November, 2012; 8th December, 2012; 9th January, 2013; 12th January, 2013; 7th February, 2013; 28th February, 2013; 12th March, 2013 (Comments on the State Budget); 16th April, 2013; 25th April, 2013; 19th May, 2013 (Cover Story in the Sunday Section); 3rd August, 2013; 29th August, 2013; 1st November, 2013; 8th January, 2014; 13th February, 2014.

Op-Ed Column,Anandabazar Patrika, Calcutta, India (In Bengali)

10th December, 2002; 6th January, 2003. (Letter to the Editor); 4th October, 2003; 14th October, 2003; 4th December, 2003; 17th February, 2004; 30th April, 2004; 11th August, 2004; 31st October, 2004; 21st December, 2004; 12th January, 2005; 10th March, 2005; 17th March, 2005; 26th May, 2005; 25th October, 2005; 22nd December, 2005; 15th February, 2006; 30th March, 2006; 12th July, 2006; 12th August, 2006; 19th September, 2006; 26th October, 2006; 11th November, 2006 (Book Review); 29th November, 2006; 24th December, 2006; 17th April, 2007; 10th July, 2007; 31st July, 2007; 1st September, 2007; 26th September, 2007; 19th October, 2007; 1st November, 2007; 10th January, 2008; 28th February, 2008; 19th April, 2008 (Book Review); 17th July, 2008; 20th August, 2008; 23rd September, 2008; 28th October, 2008; 26th January, 2009 (Advertising Supplement); 1st July, 2009; 5th July, 2009; 17th September, 2009; 25th February, 2010; 10th August, 2010; 17th August 2010; 8th October, 2010 (Advertising Supplement); 14th October, 2010; 4th October, 2011; 3rd December, 2011 (Book Review); 20th December, 2011 (Advertising Supplement); 12th January, 2012 (Advertising Supplement); 3rd May, 2012; 17th October, 2012; 21st July, 2013; 14th November, 2013.


RKMV Purulia Reunion Magazine (Purulia, WB, India), December 2007, November 2011, November 2013.

Pratham Prakash (Birmingham, UK), October 2008.

Prabaas Bandhu (Houston, TX, USA), October 2008, April 2013.

Aharnish (Kolkata, WB, India), January 2010.

Sanghambarta (Baidyabati, WB, India), November 2012.

Agamani (Birmingham, UK), October 2013.


1. Ray, I.  2005: “Nagaronnayan, Bikendrikaran o Sheoraphuli Local-er Kahini.” Anustup, 39(2-3), 27-31.

2. Ray, I.  2009: “Tathya ar Nitir Pharak Bojhay Manda.” Bai-er Desh, 5(4), 27-31.


1. Ray, I.  2012: “What does it Mean to be a Professor?” The Birmingham Professor.

2. Ray, I.  2013: “Game to Name” Perspective, University of Birmingham.

Alternative contact number available for this expert: contact the press office


Game Theory; mathematical models to study conflict/co-operation between intelligent, rational decision-makers; its application in economics, politics, sociology, law, biology and computer science.

Alternative contact number available for this expert: contact the press office

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