Institute of Social Science The University of Tokyo

the University of Tokyo



Research Staff

Toshihiro Matsumura

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

Topics of Research

1Mixed Oligopoly and Privatization of Public Enterprises
2Relative Performance and Market Structure
3Corporate Social Responsibility and Market Performance
4Antitrust and Economic Regulations
5Environment and Industrial Organization
6Economic Analysis of Japanese Energy Markets

Selected Publications

  • “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.
  • “Endogenous Timing in Multi-stage Duopoly Games”, Japanese Economic Review, 46(3): pp.257-265, 1995.
  • “Endogenous Timing in Cournot Duopoly Games”, Proceedings of APORS'94: pp.235-242, 1995.
  • “Endogenous Timing in the Switching of Technology with Marshallian Externalities” (with Masako Ueda), Journal of Economics (Zeitschrift für Nationalökonomie), 63: pp.41-56, 1996.
  • “A Two-stage Cournot Duopoly with Inventory Costs”, Japanese Economic Review, 48(1): pp.81-89, 1997.
  • “How Many Firms Become Leaders?”, Australian Economic Papers, 36: pp.1-13, 1997.
  • “A Two-stage Price-setting Duopoly: Bertrand or Stackelberg”, Australian Economic Papers, 37: pp.103-118, 1998.
  • “Partial Privatization in Mixed Duopoly”, Journal of Public Economics, 70: pp.473-483, 1998.
  • “Quantity-Setting Oligopoly with Endogenous Sequencing”, International Journal of Industrial Organization, 17: pp.289-296, 1999.
  • “Cournot Duopoly with Multi-period Competition: Inventory as a Coordination Device”, Australian Economic Papers, 38: pp.189-202, 1999.
  • “Entry Regulation and Social Welfare with an Integer Problem”, Journal of Economics (Zeitschrift für Nationalökonomie), 71: pp.47-58, 2000.
  • “Market Instability in a Stackelberg Duopoly”, Journal of Economics (Zeitschrift für Nationalökonomie), 75: pp.199-210, 2002.
  • “Mixed Duopoly with Product Differentiation: Sequential Choice of Location” (with Noriaki Matsushima), Australian Economic Papers, 42: pp.18-34, 2003.
  • “Mixed Oligopoly and Spatial Agglomeration”, (co-authored with Noriaki Matsushima) Canadian Journal of Economics vol. 36, 2003, pp.62-87.
  • “Strategic R&D Investments with Uncertainty”, Economics Bulletin, 12(1): pp.1-7, 2003.
  • “Stackelberg Mixed Duopoly with a Foreign Competitor”, Bulletin of Economic Research, 55(3): pp.275-288, 2003.
  • “Equilibria for Circular Spatial Cournot Markets” (with Daisuke Shimizu), Economics Bulletin, 18(1): pp.1-9, 2003.
  • “Endogenous Role in Mixed Markets: A Two Production Period Model”, Southern Economic Journal, 70(2): pp.403-413, 2003.
  • “Consumer-benefiting Exclusive Territories”, Canadian Journal of Economics, 36(4): pp.1007-1025, 2003.
  • “Strategic Complementarity in Direct Investments”, Review of Development Economics, 8(4): pp.583-596, 2004.
  • “Endogenous Cost Differentials between Public and Private Enterprises: A Mixed Duopoly Approach”, (with Noriaki Matsushima) Economica, 71(4): pp.671-688, 2004.
  • “Mixed Oligopoly at Free Entry Markets”, (with Osamu Kanda) Journal of Economics (Zeitschrift für Nationalökonomie), 84(1): pp.27-48, 2005.
  • “Economic Welfare in Delivered Pricing Duopoly: Bertrand and Cournot” (co-authored with Daisuke Shimizu), Economics Letters, 89(1): pp. 112-119, 2005.
  • “Cartel Stability in a Delivered Pricing Oligopoly” (co-authored with Noriaki Matsushima), Journal of Economics, 86(3): pp. 259-292, 2005.
  • “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.
  • “Competition-Accelerating Public Investments”, Australian Economic Papers, 44(3): pp. 269-274, 2005.
  • “Spatial Cournot Competition and Economic Welfare: A Note.”(co-authored with Daisuke Shimizu), Regional Science and Urban Economics, 35(6): pp. 658-670, 2005.
  • “Economic Welfare in Delivered Pricing Duopoly: Bertrand and Cournot” (co-authored with Makoto Okamura), Economics Letters, 90: pp. 396-401, 2006.
  • “R&D Competition between Public and Private Sectors” (co-authored with Ikuo Ishibashi), European Economic Review, 50: pp.1347-1366, 2006.
  • “Mixed Oligopoly, Foreign Firms, and Location Choice” (co-authored with Noriaki Matsushima), Regional Science and Urban Economics, 36: pp.753-772, 2006.
  • “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.
  • “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.
  • “Tax Effects in a Model of Product Differentiation: A Note” (co-authored with Minoru Kitahara), Journal of Economics, 89(1): pp.75-82, 2006.
  • “Cournot and Bertrand in Shipping Models with Circular Markets” (co-authored with Daisuke Shimizu), Papers in Regional Science, 85(4): pp.585-598, 2006.
  • “Congestion-Reducing Investments and Economic Welfare in a Hotelling Model” (co-authored with Noriaki Matsushima), Economics Letters, 96: pp.161-167, 2007.
  • “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.
  • “Simultaneous Price Changes, Information Acquisition on Common Competitors, and Welfare.” (co-authored with Minoru Kitahara). Australian Economic Papers, 47(4), pp.389-395, 2008.
  • “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.
  • “Equilibrium Location and Economic Welfare in Delivered Pricing Oligopoly” (co-authored with Daisuke Shimizu), Economics Bulletin, 29(2): pp.761-769, 2009.
  • “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.
  • “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.
  • “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.
  • “Privatization Waves.” (co-authored with Daisuke Shimizu) Manchester School, 78(6): pp.609-625, 2010.
  • “On the Robustness of Private Leadership in Mixed Duopoly.” (co-authored work with Akira Ogawa) Australian Economic Papers, 49(2): pp.149-160, 2010.
  • “On the Uniqueness of Bertrand Equilibrium.” (co-authored with Daisuke Hirata) Operations Research Letters, 38(6): pp.533-535, 2010.
  • “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.
  • “What Role Should Public Enterprises Play in Free-Entry Markets?” (co-authored with Hiroaki Ino) Journal of Economics, 101(3): pp.213-230, 2010.
  • “Profit-Enhancing Parallel Imports.” (co-authored with Noriaki Matsushima) Open Economic Review, 21(3), pp.433-447, 2010.
  • “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.
  • “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.
  • “Collusion, Agglomeration, and Heterogeneity of Firms” (co-authored with Noriaki Matsushima), Games and Economic Behavior, 72(1): pp.306-313, 2011.
  • “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.
  • “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.
  • “Price Leadership in a Homogeneous Product Market” (co-authored work with Daisuke Hirata), Journal of Economics, 104(3): pp.199-217, 2011.
  • “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.
  • “Welfare Consequences of an Asymmetric Regulation in Mixed Bertrand Duopoly.”, Economics Letters, 115(1): pp.94-96, 2012.
  • “Welfare Properties of Strategic R&D Investments in Hotelling Models.” (co-authored with Noriaki Matsushima), Economics Letters, 115(3): pp.465-468, 2012.
  • “Price versus Quantity in a Mixed Duopoly.” (co-authored with Akira Ogawa), Economics Letters, 116(2): pp.174-177, 2012.
  • “Airport Privatization and International Competition.” (co-authored with Noriaki Matsushima), Japanese Economic Review, 63(4): pp.431-450, 2012.
  • “How Many Firms Should Be Leaders? Beneficial Concentration Revisited.” (co-authored with Hiroaki Ino), International Economic Review, 53(4): pp.1323-1340, 2012.
  • “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.
  • “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.
  • “Locating Outside a Linear City Can Benefit Consumers.” (co-authored with Noriaki Matsushima), Journal of Regional Science, 52(3): pp.420-432, 2012.
  • “Market Structure and Privatization Policy under International Competition.” (co-authored with Yoshihiro Tomaru), Japanese Economic Review, 63(2): pp.244-258, 2012.
  • “Competitiveness and Stability of Collusive Behavior.” (co-authored with Noriaki Matsushima), Bulletin of Economic Research, 64(s1): pp.s22-s31, 2012.
  • “Competitiveness and R&D Competition Revisited.” (co-authored with Susumu Cato and Noriaki Matsushima), Economic Modelling, 31(1): pp.541-547, 2013.
  • “Privatization Neutrality Theorem Revisited.” (co-authored with Yasunori Okumura), Economics Letters, 118(2): pp.324-326, 2013.
  • “Merger and Entry-License Tax” (co-authored with Susumu Cato) Economics Letters, 119(1): pp.11-13, 2013.
  • “Advertising Competition in a Mixed Oligopoly” (co-authored with Takeaki Sunada) Economics Letters, 119(2): pp.183-185, 2013.
  • “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.
  • “Long-Run Effects of Tax Policies in a Mixed Market” (co-authored with Susumu Cato) FinanzArchiv/Public Finance Analysis, 69: pp.215-240, 2013.
  • “Mixed Duopoly, Product Differentiation, and Competition” (co-authored with Minoru Kitahara) Manchester School, 81(5): pp.730-744, 2013.
  • “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.
  • “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.
  • “Price versus Quantity in a Mixed Duopoly with Foreign Penetration” (co-authored with Junich Haraguchi) Research in Economics, 68(4), pp. 338-353, 2014.
  • “Endogenous Flexibility in Flexible Manufacturing System” (co-authored with Daisuke Shimizi) Bulletin of Economic Research, vol. 67(1), pp. 1-13, 2015.
  • “Optimal Privatization and Trade Policies with Endogenous Market Structure” (co-authored with Susumu Cato) Economic Record, 91(294), pp. 309-323, 2015.
  • “Competition and Privatization Policies Revisited: The Payoff Interdependence Approach” (co-authored with Makoto Okamura) Journal of Economics, 116(2), pp. 137-150, 2015.
  • “Should Firms Employ Personalized Pricing?” (co-authored with Noriaki Matsushima) Journal of Economics and Management Strategy, 24(4). pp. 887-903, 2015.
  • “Mixed Duopoly, Location Choice, and Shadow Cost of Public Funds” (co-authored with Yoshihiro Tomaru) Southern Economic Journal,82(2), pp. 416-429, 2015.
  • “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.
  • “Cournot-Bertrand Comparison in a Mixed Oligopoly” (co-authored with Junichi Haraguchi) Journal of Economics, 117(2), pp 117-136, 2016.
  • “Payoff interdependence and the multi-store paradox” (co-authored with Kosuke Hirose) Asia-Pacific Journal of Accounting & Economics,vol. 23(3), pp. 256-267, 2016.
  • “Corporate social responsibility and endogenous competition structure” (co-authored with Akira Ogawa) Economics Bulletin,vol.36(4), pp. 2117-2127, 2016.
  • “Environmental corporate social responsibility : A note on the ​first-mover advantage under price competition” (co-authored with Kosuke Hirose and Sang-ho Lee) Economics Bulletin,vol.37(1), pp. 214-221, 2017.
  • “Long-Run Welfare Effect of Energy Conservation Regulation” Economics Letters, vol. 154, May 2017, pp. 64-68. (Toshihiro Matsumura and Atsushi Yamagishi)
  • “Privatization Neutrality Theorem in Free Entry Markets” B.E. Journal of Theoretical Economics, vol.17(2), June 2017. (Toshihiro Matsumura and Yasunori Okumura)
  • “Ex-Ante versus Ex-Post Privatization Policies with Foreign Penetration in Free-Entry Mixed Markets” International Review of Economics & Finance, vol.50, July 2017, pp. 1-7. (Lili Xu, Sang-Ho Lee, and Toshihiro Matsumura)
  • “Lobbying for Regulation Reform by Industry Leaders” Journal of Regulatory Economics, vol. 52(1), August 2017, pp. 63–76. (Toshihiro Matsumura and Atsushi Yamagishi)
  • “Endogenous Timing in Mixed Duopolies With Externality” Australian Economic Papers, vol. 56(4), December 2017, pp. 304–327. (Toshihiro Matsumura and Akira Ogawa)
  • “Inefficient but Robust Public Leadership” Journal of Industry, Competition and Trade, vol. 17(4), December 2017, pp. 387–398. (Toshihiro Matsumura and Akira Ogawa)
  • “An Analysis of Entry-then-Privatization Model: Welfare and Policy Implications” Journal of Economics, vol.123(1), January 2018, pp. 71–88. (Sang-Ho Lee, Toshihiro Matsumura, and Susumu Sato)
  • “Eco-Technology Licensing by a Foreign Innovator and Privatization Policy in a Polluting Mixed Duopoly.”Asia-Pacific Journal of Accounting and Economics, vol. 25(3-4), 2018, pp.433-448.(Seung-Leul Kim, Sang-Ho Lee, and Toshihiro Matsumura)
  • “Optimal Privatization and Uniform Subsidy Policies: A Note.”Journal of Public Economic Theory, vol. 20(3), 2018, pp.416-423.(Ming Hsin Lin and Toshihiro Matsumura)
  • “Competitive Pressure from Neighboring Markets and Optimal Privatization Policy.”Japan and The World Economy, vol.46, 2018, pp.1-8.(Junichi Haraguchi, Toshihiro Matsumura, and Shohei Yoshida)
  • “Government-Leading Welfare-Improving Collusion.”International Review of Economics and Finance, vol. 56, 2018, pp. 363-370.(Junichi Haraguchi and Toshihiro Matsumura)
  • “Optimal Privatization Policy in Mixed Stackelberg Duopolies.”Arthaniti: Journal of Economic Theory and Practice, vol.17(1), 2018, pp.1-14.(Ming Hsin Lin and Toshihiro Matsumura)(corresponding author)
  • “Dynamic Privatization Policy.” Manchester School, vol. 87(1), 2019, pp. 37-59. (Susumu Sato and Toshihiro Matsumura)
  • “Comparing Welfare and Profit in Quantity and Price Competition within Stackelberg Mixed Duopolies.”Journal of Economics, vol.126(1), 2019, pp.75-93.(Kosuke Hirose and Toshihiro Matsumura)
  • “A Negative Effect of Cost-Reducing Public Investment: The Role of Firms'Entry.”Economic Record, vol. 95(308), 2019, pp. 81-89.(Toshihiro Matsumura and Atsushi Yamagishi)
  • “A Comparison between Emission Intensity and Emission Cap Regulations.” Energy Policy, vol 137, 111115, February 2020.(Kosuke Hirose, Toshihiro Matsumura)
  • “Lack of Commitment to Future Privatization Policies May Lead to Worst Welfare Outcome.” Economic Modelling, vol.88, pp. 181-187, June 2020. (Junichi Haraguchi and Toshihiro Matsumura)
  • “Implicit Protectionism via State Enterprises and Technology Transfer from Foreign Enterprises.” Review of International Economics, vol. 28(3), pp. 723-743, August 2020. (Junichi Haraguchi and Toshihiro Matsumura)
  • “Asymmetry Among Private Firms and Optimal Privatization Policy.” Bulletin of Economic Research, vol.72(3), pp. 213-224, July 2020. (Junichi Haraguchi and Toshihiro Matsumura)
  • “Noncooperative and Cooperative Environmental Corporate Social Responsibility.” Journal of Institutional and Theoretical Economics, vol 176(3), pp. 549-571, September 2020. (Kosuke Hirose Sang-Ho Lee, and Toshihiro Matsumura)
  • “Endogenous Public and Private Leadership with Diverging Social and Private Marginal Costs.” Manchester School, vol. 88(5), pp. 699-730, September 2020. (Junichi Haraguchi and Toshihiro Matsumura)
  • “Free Entry under Common Ownership.” Economics Letters, vol. 195, 109489, October 2020. (Susumu Sato and Toshihiro Matsumura)
  • “Promoting Green or Restricting Gray? An Analysis of Green Portfolio Standards.” Economics Letters, vol. 198, 109650, January 2021. (Hiroaki Ino and Toshihiro Matsumura)
  • “Optimality of Emission Pricing Policies Based on Emission Intensity Targets under Imperfect Competition.” Energy Economics,vol.98,105238,June 2021.(Hiroaki Ino and Toshihiro Matsumura)
  • “The relationship between privatization and corporate taxation policies.” Journal of Economics,vol. 133(1),pp. 85-101,June 2021.(Yi Liu, Toshihiro Matsumura, and Chenhang Zeng)
  • “Profit-enhancing entries in mixed oligopolies.” Southern Economic Journal,vol. 88(1),pp. 33-55,July 2021.(Junichi Haraguchi and Toshihiro Matsumura)
  • “Free Entry under an Output-Cap Constraint.” Economics Letters,vol.210,110192,January 2022.(Hiroaki Ino and Toshihiro Matsumura)
  • “Procurement of Advanced Inputs and Welfare-Reducing Vertical Integration”, Journal of Economics, vol. 135(1), 255–283, April 2022 (co-authored with Chul-Hi Park and Sang-Ho Lee)
  • “Market Competition and Strategic Choices of Electric Power Sources under Fluctuating Demand”, Resource and Energy Economics, vol. 68, 101280, May 2022 (co-authored with Hiroaki Ino and Norimichi Matsueda)
  • “Welfare-reducing price competition under relative performance delegation with convex costs”, Economic Modelling, vol. 112, 105871, July 2022 (co-authored with Lili Xu)
  • “Common ownership and environmental corporate social responsibility”, Energy Economics, vol. 114, 106269, October 2022 (co-authored with Kosuke Hirose)

Educational Activities

Graduate School of Economics,
The University of Tokyo
Oligopoly Theory
Graduate School of Public Policy,
The University of Tokyo
Regulation Policy
Faculty of Economics,
The University of Tokyo
Regulatory Economics