Institute of Social Science The University of Tokyo

the University of Tokyo


Research Staff

Toshihiro Matsumura

update at 28 June 2016

Division Department of Comparative Contemporary Economics
Research fields Industrial Organization, Public Economics, Regional Science

Teaching and Research Appointments

April 1994 − March 1996 Research Associate, Institute of Social and Economic Research, Osaka University
April 1996 − March 1999 Associate Professor, Department of Social Engineering, Tokyo Institute of Technology
April 1999 − March 2008 Associate Professor, Institute of Social Science, The University of Tokyo
April 2008 − Professor, Institute of Social Science, The University of Tokyo

Publications (2015- )

Journal Articles

  1. “Optimal Privatization and Trade Policies with Endogenous Market Structure” (co-authored with Susumu Cato) Economic Record, 91(294), pp. 309-323, 2015.
  2. “Competition and Privatization Policies Revisited: The Payoff Interdependence Approach” (co-authored with Makoto Okamura) Journal of Economics, 116(2), pp. 137-150, 2015.
  3. “Should Firms Employ Personalized Pricing?” (co-authored with Noriaki Matsushima) Journal of Economics and Management Strategy, 24(4). pp. 887-903, 2015.
  4. “Mixed Duopoly, Location Choice, and Shadow Cost of Public Funds” (co-authored with Yoshihiro Tomaru) Southern Economic Journal,82(2), pp. 416-429, 2015.
  5. “Welfare-Improving Effect of a Small Number of Followers in a Stackelberg Model” (co-authored with Hiroaki Ino) B.E. Journal of Theoretical Economics, 16(1), pp. 243-265, 2016.
  6. “Cournot-Bertrand Comparison in a Mixed Oligopoly” (co-authored with Junichi Haraguchi) Journal of Economics, 117(2), pp 117-136, 2016.

Selected publications ( -2014)

  1. “Revelation of Private Information about Unpaid Notes in the Trade Credit Bill System in Japan” (co-authored with Marc Ryser), Journal of Legal Studies, 24(1): pp.165-187, January 1995.
  2. “Endogenous Timing in Multi-stage Duopoly Games”, Japanese Economic Review, 46(3): pp.257-265, 1995.
  3. “Endogenous Timing in Cournot Duopoly Games”, Proceedings of APORS'94: pp.235-242, 1995.
  4. “Endogenous Timing in the Switching of Technology with Marshallian Externalities” (with Masako Ueda), Journal of Economics (Zeitschrift für Nationalökonomie), 63: pp.41-56, 1996.
  5. “A Two-stage Cournot Duopoly with Inventory Costs”, Japanese Economic Review, 48(1): pp.81-89, 1997.
  6. “How Many Firms Become Leaders?”, Australian Economic Papers, 36: pp.1-13, 1997.
  7. “A Two-stage Price-setting Duopoly: Bertrand or Stackelberg”, Australian Economic Papers, 37: pp.103-118, 1998.
  8. “Partial Privatization in Mixed Duopoly”, Journal of Public Economics, 70: pp.473-483, 1998.
  9. “Quantity-Setting Oligopoly with Endogenous Sequencing”, International Journal of Industrial Organization, 17: pp.289-296, 1999.
  10. “Cournot Duopoly with Multi-period Competition: Inventory as a Coordination Device”, Australian Economic Papers, 38: pp.189-202, 1999.
  11. “Entry Regulation and Social Welfare with an Integer Problem”, Journal of Economics (Zeitschrift für Nationalökonomie), 71: pp.47-58, 2000.
  12. “Market Instability in a Stackelberg Duopoly”, Journal of Economics (Zeitschrift für Nationalökonomie), 75: pp.199-210, 2002.
  13. “Mixed Duopoly with Product Differentiation: Sequential Choice of Location” (with Noriaki Matsushima), Australian Economic Papers, 42: pp.18-34, 2003.
  14. “Mixed Oligopoly and Spatial Agglomeration”, (co-authored with Noriaki Matsushima) Canadian Journal of Economics vol. 36, 2003, pp.62-87.
  15. “Strategic R&D Investments with Uncertainty”, Economics Bulletin, 12(1): pp.1-7, 2003.
  16. “Stackelberg Mixed Duopoly with a Foreign Competitor”, Bulletin of Economic Research, 55(3): pp.275-288, 2003.
  17. “Equilibria for Circular Spatial Cournot Markets” (with Daisuke Shimizu), Economics Bulletin, 18(1): pp.1-9, 2003.
  18. “Endogenous Role in Mixed Markets: A Two Production Period Model”, Southern Economic Journal, 70(2): pp.403-413, 2003.
  19. “Consumer-benefiting Exclusive Territories”, Canadian Journal of Economics, 36(4): pp.1007-1025, 2003.
  20. “Strategic Complementarity in Direct Investments”, Review of Development Economics, 8(4): pp.583-596, 2004.
  21. “Endogenous Cost Differentials between Public and Private Enterprises: A Mixed Duopoly Approach”, (with Noriaki Matsushima) Economica, 71(4): pp.671-688, 2004.
  22. “Mixed Oligopoly at Free Entry Markets”, (with Osamu Kanda) Journal of Economics (Zeitschrift für Nationalökonomie), 84(1): pp.27-48, 2005.
  23. “Economic Welfare in Delivered Pricing Duopoly: Bertrand and Cournot” (co-authored with Daisuke Shimizu), Economics Letters, 89(1): pp. 112-119, 2005.
  24. “Cartel Stability in a Delivered Pricing Oligopoly” (co-authored with Noriaki Matsushima), Journal of Economics, 86(3): pp. 259-292, 2005.
  25. “Partial Agglomeration or Dispersion in Spatial Cournot Competition.” (co-authored with Takao Ohkawa and Daisuke Shimizu), Southern Economic Journal, 72(1): pp. 224-235, 2005.
  26. “Competition-Accelerating Public Investments”, Australian Economic Papers, 44(3): pp. 269-274, 2005.
  27. “Spatial Cournot Competition and Economic Welfare: A Note.”(co-authored with Daisuke Shimizu), Regional Science and Urban Economics, 35(6): pp. 658-670, 2005.
  28. “Economic Welfare in Delivered Pricing Duopoly: Bertrand and Cournot” (co-authored with Makoto Okamura), Economics Letters, 90: pp. 396-401, 2006.
  29. “R&D Competition between Public and Private Sectors” (co-authored with Ikuo Ishibashi), European Economic Review, 50: pp.1347-1366, 2006.
  30. “Mixed Oligopoly, Foreign Firms, and Location Choice” (co-authored with Noriaki Matsushima), Regional Science and Urban Economics, 36: pp.753-772, 2006.
  31. “A Note on the Excess Entry Theorem in Spatial Markets” (co-authored with Makoto Okamura), International Journal of Industrial Organization, 24(5): pp.1071-1076, 2006.
  32. “Realized Cost Based Subsidies for Strategic R&D Investments with Ex Ante and Ex Post Asymmetries” (co-authored with Minoru Kitahara), Japanese Economic Review, 57(3): pp.438-448, 2006.
  33. “Tax Effects in a Model of Product Differentiation: A Note” (co-authored with Minoru Kitahara), Journal of Economics, 89(1): pp.75-82, 2006.
  34. “Cournot and Bertrand in Shipping Models with Circular Markets” (co-authored with Daisuke Shimizu), Papers in Regional Science, 85(4): pp.585-598, 2006.
  35. “Congestion-Reducing Investments and Economic Welfare in a Hotelling Model” (co-authored with Noriaki Matsushima), Economics Letters, 96: pp.161-167, 2007.
  36. “A Noncooperative Shipping Cournot Duopoly with Linear-Quadratic Transport Costs and Circular Space.” (co-authored with Daisuke Shimizu) Japanese Economic Review, 59(4), pp.498-518, 2008.
  37. “Simultaneous Price Changes, Information Acquisition on Common Competitors, and Welfare.” (co-authored with Minoru Kitahara). Australian Economic Papers, 47(4), pp.389-395, 2008.
  38. “Cost Differentials and Mixed Strategy Equilibria in a Hotelling Model.” (co-authored with Noriaki Matsushima) Annals of Regional Science, 43(1), pp.215-234, 2009.
  39. “Equilibrium Location and Economic Welfare in Delivered Pricing Oligopoly” (co-authored with Daisuke Shimizu), Economics Bulletin, 29(2): pp.761-769, 2009.
  40. “Payoff Dominance and Risk Dominance in the Observable Delay Game: A Note” (co-authored work with Akira Ogawa), Journal of Economics, 97(3): pp.265-272, 2009.
  41. “Mixed Oligopoly and Spatial Agglomeration in Quasi-Linear City” (co-authored with Takeshi Abina and Daisuke Shimizu), Economics Bulletin, 29(4): pp.2722-2729, 2009.
  42. “Privatization and Entries of Foreign Enterprises in a Differentiated Industry” (co-authored with Noriaki Matsushima and Ikuo Ishibashi), Journal of Economics, 98(3): pp.203-291, 2009.
  43. “Privatization Waves.” (co-authored with Daisuke Shimizu) Manchester School, 78(6): pp.609-625, 2010.
  44. “On the Robustness of Private Leadership in Mixed Duopoly.” (co-authored work with Akira Ogawa) Australian Economic Papers, 49(2): pp.149-160, 2010.
  45. “On the Uniqueness of Bertrand Equilibrium.” (co-authored with Daisuke Hirata) Operations Research Letters, 38(6): pp.533-535, 2010.
  46. “Location Equilibrium with Asymmetric Firms: the Role of Licensing.” (co-authored with Noriaki Matsushima and Giorgos Stamatopoulos) Journal of Economics, 99(3): pp.267-277, 2010.
  47. “What Role Should Public Enterprises Play in Free-Entry Markets?” (co-authored with Hiroaki Ino) Journal of Economics, 101(3): pp.213-230, 2010.
  48. “Profit-Enhancing Parallel Imports.” (co-authored with Noriaki Matsushima) Open Economic Review, 21(3), pp.433-447, 2010.
  49. “When Small Firms Fight Back against Large Firms in R&D Activities.” (co-authored with Noriaki Matsushima) B.E. Journal of Economic Analysis & Policy, 10(1)(Topics), Article 81, 2010.
  50. “Randomized Strategy Equilibrium in the Action Commitment Game with Costs of Leading.”(co-authored with Takeshi Murooka and Akira Ogawa), Operations Research Letters, 39(2): pp.115-117, 2011.
  51. “Collusion, Agglomeration, and Heterogeneity of Firms” (co-authored with Noriaki Matsushima), Games and Economic Behavior, 72(1): pp.306-313, 2011.
  52. “Spatial Cournot Equilibria in a Quasi-Linear City” (co-authored with Takeshi Ebina and Daisuke Shimizu), Papers in Regional Science, 90(3): pp.613-628, 2011.
  53. “Market Competition, R&D and Firm Profits in Asymmetric Oligopoly” (co-authored with Junichiro Ishida and Noriaki Matsushima), Journal of Industrial Economics, 59(3): pp.484-505, 2011.
  54. “Price Leadership in a Homogeneous Product Market” (co-authored work with Daisuke Hirata), Journal of Economics, 104(3): pp.199-217, 2011.
  55. “Spatial Cournot Competition and Transportation Costs in a Circular City.” (co-authored with Noriaki Matsushima), Annals of Regional Science, 48(1): pp.33-44, 2012.
  56. “Welfare Consequences of an Asymmetric Regulation in Mixed Bertrand Duopoly.”, Economics Letters, 115(1): pp.94-96, 2012.
  57. “Welfare Properties of Strategic R&D Investments in Hotelling Models.” (co-authored with Noriaki Matsushima), Economics Letters, 115(3): pp.465-468, 2012.
  58. “Price versus Quantity in a Mixed Duopoly.” (co-authored with Akira Ogawa), Economics Letters, 116(2): pp.174-177, 2012.
  59. “Airport Privatization and International Competition.” (co-authored with Noriaki Matsushima), Japanese Economic Review, 63(4): pp.431-450, 2012.
  60. “How Many Firms Should Be Leaders? Beneficial Concentration Revisited.” (co-authored with Hiroaki Ino), International Economic Review, 53(4): pp.1323-1340, 2012.
  61. “Long-Run Effects of Foreign Penetration on Privatization Policies.” (co-authored with Susumu Cato), Journal of Institutional and Theoretical Economics, 168(3): pp.444-454, 2012.
  62. “Presence of Foreign Investors in Privatized Firms and Privatization Policy.” (co-authored with Ming Hsin Lin), Journal of Economics, 107(1): pp.71-80, 2012.
  63. “Locating Outside a Linear City Can Benefit Consumers.” (co-authored with Noriaki Matsushima), Journal of Regional Science, 52(3): pp.420-432, 2012.
  64. “Market Structure and Privatization Policy under International Competition.” (co-authored with Yoshihiro Tomaru), Japanese Economic Review, 63(2): pp.244-258, 2012.
  65. “Competitiveness and Stability of Collusive Behavior.” (co-authored with Noriaki Matsushima), Bulletin of Economic Research, 64(s1): pp.s22-s31, 2012.
  66. “Competitiveness and R&D Competition Revisited.” (co-authored with Susumu Cato and Noriaki Matsushima), Economic Modelling, 31(1): pp.541-547, 2013.
  67. “Privatization Neutrality Theorem Revisited.” (co-authored with Yasunori Okumura), Economics Letters, 118(2): pp.324-326, 2013.
  68. “Merger and Entry-License Tax” (co-authored with Susumu Cato) Economics Letters, 119(1): pp.11-13, 2013.
  69. “Advertising Competition in a Mixed Oligopoly” (co-authored with Takeaki Sunada) Economics Letters, 119(2): pp.183-185, 2013.
  70. “Mixed Duopoly, Privatization, and Subsidization with Excess Burden of Taxation” (co-authored with Yoshihiro Tomaru) Canadian Journal of Economics, 46(2): pp.526-554, 2013.
  71. “Long-Run Effects of Tax Policies in a Mixed Market” (co-authored with Susumu Cato) FinanzArchiv/Public Finance Analysis, 69: pp.215-240, 2013.
  72. “Mixed Duopoly, Product Differentiation, and Competition” (co-authored with Minoru Kitahara) Manchester School, 81(5): pp.730-744, 2013.
  73. “Comparison between Specific Taxation and Volume Quotas in a Free Entry Cournot Oligopoly” (co-authored with Yasunori Okumura) Journal of Economics, 113(2), pp.125-132, 2014.
  74. “Corporate Social Responsibility or Payoff Asymmetry?:A Study of Endogenous Timing Game” (co-authored with Akira Ogawa) Southern Economic Journal, 81(2), pp.457-473, 2014.
  75. “Price versus Quantity in a Mixed Duopoly with Foreign Penetration” (co-authored with Junich Haraguchi) Research in Economics, 68(4), pp. 338-353, 2014.
  76. “Endogenous Flexibility in Flexible Manufacturing System” (co-authored with Daisuke Shimizi) Bulletin of Economic Research, vol. 67(1), pp. 1-13, 2015.

Topics of research

(1) Mixed Oligopoly and Privatization of Public Enterprises
(2) Relative Performance and Market Structure
(3) Corporate Social Responsibility and Market Performance
(4) Spatial Competition
(5) Antitrust and Economic Regulations
(6) Economic Analysis of Japanese Law
(7) R&D Competition and Patent
(8) Environment and Industrial Organization
(9) Endogenous Timing in Oligopoly
(10) Economic Analysis of Japanese Energy Markets