Professor of Economics
Email: "ar" "at" "aray" "dot" "cc";
Highest Education and Training:
Vanderbilt University, Nashville, TN, U.S.A.
Ph.D. (Economics, 2004)
M.A. (Economics, 2003)
University of Florida, Gainesville, FL, USA.
Post-Doctoral Bridge to Business Program (Finance & Accounting Track, 2014),
Massachusetts Institute of Technology, Cambridge, MA, USA
Professional Certificate in Tackling the Challenges of Big Data (2015)
Professional Certificate in Cybersecurity: Technology, Application, and Policy (2015)
Recent Academic Employment
Tennessee State University, Nashville, TN, U.S.A.:
Professor of Economics, 2016-Present
Associate Professor of Economics, 2010-2016
Assistant Professor of Economics, 2004-2010
Vanderbilt University, Nashville, TN, U.S.A.:
Visiting Professor of Management, Owen Graduate School of Management (Fall 2016)
Senior Research Associate (Health Outcomes Research, VUMC), 2003-2004;
Graduate Research Assistant (Health Disparities, VIPPS), 2001-2003;
Graduate Teaching Assistant (Dept. of Economics), 1999-2001.
Selected Peer-Reviewed Publications and Book Chapters
“Competition and Innovation in Markets with Technology Leaders” (with K.-C. Tsao & A. Mukherjee), (2022), Games, Vol. 13, No. 9, pp. 1-20, https://doi.org/10.3390/g13010009.
“Racial Disparities in Pre-tax Wages and Salaries in Largest Metropolitan Areas in the United States”, (2021), Business Ethics and Leadership, 5(3), 61-68.
“Pre-Tax Wage and Salary Income Inequalities in Largest Metropolitan Areas in the United States”, (2021), Business Ethics and Leadership, 5(2), 59-65.
"Containing Airborne Transmission of COVID-19 and Its Implications for Global Economic Recovery", (2021), Business Ethics and Leadership, 5(1), 81-88.
“Rainwater Harvesting Benchmarks to Address South Asia’s Urban Water Crisis”, (2020) Economic and Political Weekly, Vol. 55, Issue No. 7, pp. 14-16.
"Public Finance Implications of Downward Trend in Urban Public Transit System: An Exploratory Review" (With M. Getz), (2018), Accounting and Finance Research, Vol. 7, No. 3, pp. 119-137.
"Are Inventories Accretive? Lessons from Inventory and Earnings Relationship in the U.S. Capital Goods Sector", (2018), Accounting and Finance Research, Vol. 7, No. 1, pp. 40-57.
”Economics of Discretionary Accrual, Fair Value Accounting, and Accounting Fraud: A Simple Introduction”, In Lalit Joshi & Paramita Chakravarty (ed) ”Emerging Issues in Accounting, Finance, and Taxation.”
"Effects of Competitive Structure on Loan Pricing and Credit Provisioning in Oligopolistic Banking Industry", (2016), In Kazuhiro Ohnishi (ed) "Firms' Strategic Decisions: Theoretical and Empirical Findings, Volume 2".
"Entry, Profit and Welfare Under Asymmetric R&D Costs" (With A. Mukherjee), (2014), The Manchester School, Vol. 82, No. 3, pp. 284-295.
"Prevalence Rates and Racial disparities in undiagnosed pre-diabetes in the US population: Evidence from the National Health and Nutrition Examination survey of 2007-08", (2011), Economics Bulletin, Vol. 31, No. 4, pp. 3240-3252.
"Strategic Technology Adoption and Optimal R&D Under Asymmetric Information" (2010), International Research Journal of Finance & Economics, Issue 36, pp. 7-15.
"Unsuccessful patent application and cooperative R&D" (With A. Mukherjee), (2009), Journal of Economics, Vol. 97, pp. 251-263.
"Development Planning In A Liberalized Economy: The Case of India", (2008), Indian Economy Review, Vol. V, September, pp. 150 161.
"Intra-Household Allocation, Household Public Good, and Labor Force Participation of Women" (With I. Ray), (2008), International Research Journal of Finance & Economics, Issue 21, pp. 135-141.
"An Analysis of Corporate Social Responsibility through the Lens of Corporate Finance", (2008), Money Manager, Vol. 2, pp. 61-64.
"Strategic Outsourcing and R&D in a Vertical Structure" (With A. Mukherjee), (2007), The Manchester School, Vol. 75, No. 3, pp. 297-310.
"City-Size and Health Outcomes: Lessons from the USA" (With S. N. Ghosh), (2007), Economics Bulletin, Vol. 9, No. 5, pp. 1-7.
"Are Racial Disparities in Diabetes in the USA Driven by Education Distribution?", (2007), Economics Bulletin, Vol. 9 No. 2, pp. 1-18.
"Patents, Imitation and Welfare" (With A. Mukherjee), (2007), Economics of Innovation and New Technology, Vol. 16, No. 3, pp. 227-236.
"A Class of Decomposable Poverty Measures With Public Transfers", (2006), Economics Bulletin, November, Vol. 9 No. 3 pp. 1-8.
"The Welfare Implications of Product Patent: A Simple Model" (With A. Mukherjee), (2006), Journal of Financial Transformation, August, Vol. 17, pp: 36-38.
Selected Research in Conference Proceedings
“Macroprudential Policy Formulation & Banking Regulation During the Time of Pandemic", (2020), International Conference on Strategies for Revival of Indian Business in the Post-Pandemic Economic Scenario, Indian Accounting Association. (Presented via Webinar)
"A Worrisome Explosion: Time Series Analysis of Kidney Cancer Incidence in the United States", (with B. N. Putatunda), (2018), American Society of Nephrology Annual Conference, San Diego, CA, USA.
“A Time Series Analysis of Structural Composition of Earnings in FDIC Insured Commercial Banking and Savings Institutions", (2018), Washington Business Research Forum, Washington, DC, USA.
"Macroeconomic Implications of Cybersecurity Challenges in Financial Sector", (2018), International Conference on Financial Sector: Issues, Challenges, and Strategies, Kolkata, India.
“A Simulation of Demand-Supply Imbalance in Dialysis Care in India”, (with B. N. Putatunda), (2017), American Society of Nephrology Annual Conference, New Orleans, LA, USA. (November 03, 2017)
“Market Outcomes in the Presence of Cybersecurity Challenges in a Competitive Banking Industry”, (2017), Washington Business Research Forum, Washington, DC, USA.
“Spatial Distribution of Asset Composition and Its Determinants In The US Banking Industry”, (2017), Washington Business Research Forum, Washington DC, USA.
“Economics of Discretionary Accrual, Fair Value Accounting, and Accounting Fraud”, (2017), Golden Jubilee Commemorative International Conference on Emerging Issues in Accounting, Finance, and Taxation, Bhawanipore Educational Society College, Kolkata, India.
“Financial Inclusion and Cybersecurity: Building a Technology Driven Secure Development Solution”, (2016), International Conference on Financial Inclusiveness, University of Calcutta – Calcutta Stock Exchange Center of Excellence in Financial Markets, Kolkata, India.
“Critical Issues in Energy Finance with Special Emphasis to Renewable Energy: The Role of Markets, Institutions and their Intersections with Policies”, (2013), International Conference on Economic Liberalization and Capital Market Development: Indian Perspective, University of Calcutta – Calcutta Stock Exchange Center of Excellence in Financial Markets, India.
“Contemporary Issues in Energy Finance: Markets, Institutions and their Intersections with Policies”, (2013), International Conference on Contemporary Issues Financial Institutions and Markets, Vidyasagar University, Medinipur, India.
“Anatomy of Financial Crisis: A Global Perspective”, (2010), International Conference on Indian Financial System and the Global Scenario, Vidyasagar University, Medinipur, India.
"Income Inequality and Self Rated Health in the United States: Does Education or Race Explain the Link?", (With J. E. Foster), (2006), Conference on "Advancing Health Equity", World Institute of Development Economics Research, United Nations University, Helsinki, Finland.
"Arthritis, Heart Attack and Both Diseases Concurrently Occur Substantially More Frequently in Individuals with Low Levels of Formal Education than in the General U.S. Population", (With T. Pincus and T. Sokka), (2004), Annual European Congress of Rheumatology, Berlin, Germany. (Abstract Identifier: SAT0383)
Selected Writing in Popular Press
"How to fix silent epidemic of financial exclusion in Tennessee", (2022), The Tennessean, February 25.
"The constitutional case for democratic socialism", (2016), The Tennessean, February 26.
"Nashville should lobby India's airlines to fly to BNA", (2015), The Tennessean, June 19.
"Exports drive economic growth, job creation in Tennessee", (2013), The Tennessean, July 30.
"TVA's solar energy plan needs more support", (2013), The Tennessean, June 12.
"Power From the Sun: The Cost-Benefit Paradigm Of `Green Electricity'" (2013), The Statesman, April 08.
"Run it on Diesel: The Economics of Road Transportation" (2013), The Statesman, March 04.
"The Plummeting Rupee: A Psychological Vote Of Confidence In The Dollar" (2012), The Statesman, May 22.
"Analyzing Guilts: Need For a Strong Human Rights Movement" (2011), The Statesman, December 21.
"The Idea of Democracy: Only An Autocrat Would Dismiss It As `Western'" (2011), The Statesman, July 06.
"Fairy-tale India: The Eradication Of Hunger, Starvation, And Malnutrition" (2011), The Statesman, June 23.
"Great Federal Gamble: America's Gift to the Largest Trading Partners?" (2010), The Statesman, December 13.
"Garbage Vat Syndrome: Turning the Spotlight Inwards" (2010), The Statesman, November 11.
"The Medical Mart: Patient as a Consumer in a Corporate Ambience - II" (2010), The Statesman, August 23.
"The Medical Mart: Patient as a Consumer in a Corporate Ambience - I" (2010), The Statesman, August 22.
"Rhetorical Discord: Coping with the Current Economic Crisis" (2010), The Statesman, July 12.
"Negotiated Prices Aren't The Only Way to Save Folks Money", (2006), The Tennessean, November 26.
Selected Service Leadership Experience
Chair, Committee to Establish High Impact Centers, Tennessee State University, 2022 -
Member of the Board of Directors and Member of the Executive Committee, Kidney Clinics & Research Centers International, Inc. 2016 -
Member, Community Advisory Board, Renasant Bank, 2022 -
Member, Advisory Board, Audaz Capital, 2022 -
Chair, University Faculty Handbook Committee, Tennessee State University, 2020
Chair, Faculty Senate, Tennessee State University, 2016-2018.
Chair, Executive Committee of the Faculty Senate, Tennessee State University, 2016-2018.
Chair, Budget and Finance Committee of the Faculty Senate, Tennessee State University, 2015-2016 & 2009-2010.
Chair-Elect, Faculty Senate and Member of the Executive Committee of the Faculty Senate, Tennessee State University, 2015-2016.
Chair, Economics Recruitment Committee, Tennessee State University, 2016-2017.
Chair, Undergraduate Curriculum Committee, College of Business, Tennessee State University, 2014-2016.
Financial Econometrics, Information Systems and Statistics
Advanced Topics in Healthcare Economics & Management
Economics of Healthcare Organization
Regulation, and Legal Issues in Healthcare
Introduction to Health Economics and Management
Foundations of Economics and Finance
Quantitative Methods (Mathematical Economics),
Commercial Bank Management,
Principles of Economics: Microeconomics,
Principles of Economics: Macroeconomics,
Statistical Analysis I,
Statistical Analysis II,
Quantitative Methods (Advanced Statistical Analysis and Management Science)
Urban Land Resource Analysis