2025 Zayira Ray
Julius Silver Professor, Faculty of Arts and Science,
Professor of Economics, New York University
Research Associate, NBER
Part-Time Professor, University of Warwick
Research Fellow, CESifo
Spool Member, ThReD

Department of Economics, 
New York University,
19 West 4th Street
New York, NY 10012, U.S.A.
debraj.ray@nyu.edu, +1 (212)-998-8906.

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Oxford University Press, 2008. This book is now open-access; feel free to download a copy, and to buy the print version if you like the book.
≋ Three Randomly Selected Papers
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Equilibrium Binding Agreements

(with Rajiv Vohra), Journal of Economic Theory 73, 30-78, 1997.

Summary. We study equilibrium binding agreements, the coalition structures that form under such agreements, and the efficiency of the outcomes that result. We analyze such agreements in a context where the payoff to each player depends on the actions of all other players. Thus a game in strategic form is a natural starting point. Unlike the device of a characteristic function, explicit attention is paid to the behavior of the complementary set of players when a coalition blocks a proposed agreement. A solution concept and its applications are discussed.

On the Phelps–Koopmans Theorem

(with Tapan Mitra), Journal of Economic Theory 147, 833–849, 2012.

Summary. We examine whether the Phelps–Koopmans theorem is valid in models with nonconvex production technologies. Dedicated to the memory of David Cass: mentor, friend and an extraordinary economic theorist.

Information Aggregation in a Financial Market with General Signal Structure

(with Youcheng Lou, Sahar Parsa, Duan Li and Shouyang Wang),  Journal of Economic Theory 183, 594–624 (2019).

Summary. We study a financial market with asymmetric, multidimensional trader signals that have general correlation structure. Each of a continuum of traders belongs to one of finitely many “information groups.” There is a multidimensional aggregate signal for each group. Each trader observes an idiosyncratic signal about the fundamental, built from this group signal. Correlations across group signals are arbitrary. Several existing models serve as special cases, and new applications become possible. We establish existence and regularity of linear equilibrium, and demonstrate that the equilibrium price aggregates information perfectly as noise trade vanishes. Combines and extends results in Parsa and Ray (2017) and Lou, Li and Wang (2017), both mimeo. Online Appendix.