Recent Publications 2005-present [All Publications][Working Papers][CV]


Groups in Conflict: Size Matters, But Not in the Way You Think, with Laura Mayoral, April 2017.

Certified Random: A New Order for Co-Authorship, with Arthur Robson,September 2017, forthcoming American Economic Review.

Information Aggregation with Heterogeneous Traders, with Sahar Parsa, February 2017.

Aspirations and Inequality, with Garance Genicot, Econometrica 85, 485-519, 2017. Online Appendix. 2009 version.

Conflict and Development, with Joan Esteban, Annual Reviews of Economics 9, 263-293, 2017.


Aspirations and the Development Treadmill, Journal of Human Development and Capabilities 17, 309-323, 2016.

Missing Unmarried Women, with Siwan Anderson, August 2015.

Information and Enforcement in Informal Credit Markets, with Parikshit Ghosh, Economica 83, 59-90, 2016.

Anatomy of a Contract Change, with Rajshri Jayaraman and Francis de Vericourt. Online Appendix. American Economic Review 106, 316-358, 2016.


Poverty and Self-Control (with D. Bernheim and S. Yeltekin), Econometrica 83 (5), 1877-1911, 2015. Online Appendix. A link to the 1999 version, which only had numerical results.

The Farsighted Stable Set (with R. Vohra), Econometrica 83, 977-1011, 2015. Online Appendix.


Coalition Formation (with R. Vohra), revised December 2013, in Handbook of Game Theory Vol 4 (H.P. Young and S. Zamir, eds), Elsevier North Holland, 2014.

Implications of an Economic Theory of Conflict: Hindu-Muslim Violence in India (with A. Mitra), revised May 2013, then December 2013, Journal of Political Economy 122, 719-765, 2014. Online appendix.

Gender Differentials in Eye Care: Access and Treatment (with R. Jayaraman and S-Y. Wang), revised March 2014, Economic and Political Weekly 49 No. 25, June 21, 2014. 


Ethnicity and Conflict: Theory and Facts (with J. Esteban and L. Mayoral), Science 336, 858 - 865 (2012)..

Ethnicity and Conflict: An Empirical Investigation (with J. Esteban and L. Mayoral), with a Web Appendix, American Economic Review 102 (2012), 1310-1342.

Status, Intertemporal Choice and Risk-Taking (with A. Robson), with a Web Appendix, Econometrica 80, (2012), 1505–1531.

A Theory of Endogenous Fertility With Occupational Choice (with D. Mookherjee and S. Prina), American Economic Journal (Microeconomics), forthcoming.

On the Phelps-Koopmans Theorem (with T. Mitra), Journal of Economic Theory 147 (2012) 833–849.


Linking Conflict to Inequality and Polarization (with J. Esteban), American Economic Review 101(4), 1345–74 (2011).

A Model of Ethnic Conflict (with J. Esteban), Journal of the European Economic Association 9(3):496–521 (2011).

Comparing Polarization Measures (with J. Esteban), M. Garfinkel and S. Skaperdas (eds), Oxford Handbook of the Economics of Peace and Conflict, Oxford University Press (2011).


Uneven Growth: A Framework for Research in Development Economics, Journal of Economic Perspectives 24 (3), Summer, 45--60 (2010).

The Phelps-Koopmans Theorem and Potential Optimality, International Journal of Economic Theory 6, 11–28 (2010).

Missing Women: Age and Disease, (with S. Anderson), and a Web Appendix, Review of Economic Studies 77(4), 1262--1300 (2010).

Inequality and Markets (with D. Mookherjee), American Economic Journal Microeconomics 2, 38-76 (2010).

Poverty and Disequalization (with D. Mookherjee), Journal of Globalization and Development 1, Issue 1, Article 3 (2010).

Social Interactions and Segregation in Skill Accumulation (with D. Mookherjee and S. Napel), Journal of the European Economic Association 8 (Papers and Proceedings), 388–-400 (2010).

Aspirations, Segregation and Occupational Choice (with D. Mookherjee and S. Napel), Journal of the European Economic Association 8, 139--168 (2010).

A Remark on Color-Blind Affirmative Action (with R. Sethi), Journal of Public Economic Theory 12, 399-406 (2010).


On the Salience of Ethnic Conflict (with J. Esteban), American Economic Review 98, 2185--2202 (2008). Appendix to the paper.

Informal Insurance in Social Networks (with F. Bloch and G. Genicot), Journal of Economic Theory 143, 36--58 (2008).

A Dynamic Incentive-Based Argument for Conditional Transfers (with D. Mookherjee), Economic Record 84, S2–S16 (2008).

Development Economics, in The New Palgrave Dictionary of Economics, edited by Lawrence Blume and Steven Durlauf (2008).

Polarization, Fractionalization and Conflict (with J. Esteban), Journal of Peace Research 45, 163--182 (2007).

Introduction to Development Theory, Journal of Economic Theory 137, 1--10 (2007).

A Game-Theoretic Perspective on Coalition Formation, Oxford University Press, 2007.

Beyond Nandigram: Industrialization in West Bengal, (with A. Banerjee, P. Bardhan, K. Basu, M. Datta Chaudhuri, M. Ghatak, A. Guha, M. Majumdar and D. Mookherjee), Economic and Political Weekly, Apr. 28, 2007, 1487--1489.

Coalition Formation with Binding Agreements (with K. Hyndman), Review of Economic Studies 74 (2007), 1125--1147. For supplementary notes, click here.

Reciprocity in Groups and the Limits to Social Capital, (with F. Bloch and G. Genicot), American Economic Review 97 (Papers and Proceedings), 65--69 (2007).

Inequality and Inefficiency in Joint Projects, (with J-M. Baland and O. Dagnelie), Economic Journal 117, 922--935 (2007).

Extensions of a Measure of Polarization; with an Application to the Income Distribution of Five OECD Countries (with J. Esteban and C. Gradin), Journal of Economic Inequality 5, 1--19 (2007).

Group Decision-Making in the Shadow of Disagreement, (with K. Eliaz and R. Razin), Journal of Economic Theory 132, 236--273 (2007).


A Decision-Theoretic Basis for Choice Shifts in Groups, (with K. Eliaz and R. Razin), American Economic Review 96, 1321--1332 (2006).

Inequality, Lobbying and Resource Allocation (with J. Esteban), American Economic Review 96, 257--279 (2006).

Contracts and Externalities: How Things Fall Apart, (with G. Genicot), Journal of Economic Theory 131, 71--100 (2006).

Bargaining Power and Enforcement in Credit Markets (with G. Genicot), Journal of Development Economics 79, 398--412 (2006).

Satisficing and Selection in Electoral Competition, (with J. Bendor and D. Mookherjee), Quarterly Journal of Political Science1, 171--200 (2006).

On the Dynamics of Inequality, Economic Theory 29, 291--306 (2006). These are based on unpublished notes from 1990. For the original version of the notes (which contains a different proof of the main result), click here.

Aspirations, Poverty and Economic Change, in A. Banerjee, R. Bénabou and D. Mookherjee (eds), What Have We Learnt About Poverty, Oxford University Press (2006). This essay is originally based on my comments as discussant on A. Appadurai's paper, World Bank Conference on Culture and Public Action, 2002. Appadurai's paper is published in V. Rao and M. Walton (eds), Culture and Public Action.

Farsighted Network Formation, (with B. Dutta and S. Ghosal), Journal of Economic Theory 122, 143–164 (2005).

For all publications, click here.


Debraj Ray