Ph.D.(Harvard University)


Professor of Public Utility and Transport Economics and Management

Specialized Fields

Public Utility Economics and Management, Regulatory Economics, Transport Economics and Management, Urban Economics.

Fields of Interest

Applied Economics on Regulation and Structural Reform Issues in the Public Utilities and Transport Industries, Firms’ Organization and Governance Issues.

Current Research


  • Regulatory Reform of Public Utilities: The Japanese Experience, Edward Elgar, 2012.
  • Japanese Urban Railways: A Private-Public Comparison, Avebury, 1994.

[Journal Articles]

(Regulatory Economics)

  • “A Comparison of Vertical Structure Types in the Railway Industry: A Simple Mathematical Explanation Model,” Research in Transportation Economics, (forthcoming).
  • “The Impact of Structural Reforms and Regulations on the Demand Side in the Railway Industry,” Review of Network Economics, Vol.18, No.1, 2020, pp.1-33.
  • “Regulation, Public Interest, and Private Interest: An Empirical Investigation of Firms in Japan,” Empirical Economics, Vol.56, No.4, 2019, pp.1433-1454 (coauthored with E. Nakamura).
  • “Comparing the Costs of Vertical Separation, Integration, and Intermediate Organisational Structures in European and East Asian Railways,” Journal of Transport Economics and Policy, Vol.49, No.3, 2015, pp.496-515 (co-authored with A. Smith, C. Nash, and S. Uranishi).
  • “Does Vertical Separation Reduce Cost? An Empirical Analysis of the Rail Industry in European and East Asian OECD Countries,” Journal of Regulatory Economics, Vol.43, No.1, 2013, pp.31-59 (co-authored with S. Uranishi).
  • “Does Yardstick Regulation Really Work? Empirical Evidence from Japan’s Rail Industry,” Journal of Regulatory Economics, Vol.36, No.3, 2009, pp.308-323 (co-authored with H. Kozumi and N. Matsushima).
  • “Regulation and Deregulation in the Japanese Rail Industry,” CESifo DICE Report: Journal for Institutional Comparisons, Vol.3, No.4 , 2005, pp.10-15.
  • “Rail Operation-infrastructure Separation: The Case of Kobe Rapid Transit Railway,” Transport Policy, Vol.11, No.3, 2004, pp.251-263 (co-authored with K. Shoji).
  • “Empirical Analysis of Yardstick Competition in the Japanese Railway Industry,” International Journal of Transport Economics, Vol.24, No.3 , 1997, pp.367-392.

(Transport Economics/Urban Economics)

  • “An Analysis of the Inter-Effect of Structural Reforms and Rail Mode Share,” Research in Transportation Economics, (co-authored with S. Uranishi) (forthcoming).
  • “Magnitude of External Costs of Highways in Japan,” Asia-Pacific Journal of Regional Science, Vol.1, No.2, 2017, pp.337-357 (co-authored with Y. Suzuki and S. Uranishi).
  • “Estimation of Optimal Metropolitan Size in Japan with Consideration of Social Costs,” Empirical Economics, Vol.48, No.4, 2015, pp.1713-1730 (co-authored with T. Tanaka, N. Nakayama).
  • “Structural Reforms in the Railways: Incentive Misalignment and Cost Implications,” Research in Transportation Economics, Vol.48, 2014, pp.16-22 (co-authored with C. Nash, A. Smith, D. van de Velde, S. Uranishi).
  • “Estimation of Social Costs of Transportation in Japan,” Urban Studies, Vol.48, No.16, 2011, pp.3537-3559 (co-authored with Y. Suzuki, H. Sakai).
  • “Industrial Diversity and Metropolitan Unemployment Rate,” Annals of Regional Science, Vol.40, No.1, 2006, pp.157-172 (co-authored with K. Mizuno and N. Nakayama).
  • “Privately Owned Railways’ Cost Function, Organization Size and Ownership,” Journal of Regulatory Economics, Vol.25, No.3, 2004, pp.297-322.
  • “A Private-Public Comparison of Bus Service Operators,” International Journal of Transport Economics, Vol.30, No.2, 2003, pp.167-185 (co-authored with T. Urakami).
  • “A Comparative Analysis of Financial Performance: U.S. and Japanese Urban Railways,” International Journal of Transport Economics, Vol.24, No.2, 1997, pp.207-239 (co-authored with K. Shoji).

(Privatization Policy Analysis)

  • “Determinants of Privatization of Public Corporations: Evidence from the Japanese Experience,” Empirical Economics, Vol.39, No.2, 2010, pp.515-535 (co-authored with S. Uranishi).
  • “Privatization of the Japan Highway Public Corporation: Focusing on Organizational Structure Change,” Transport Reviews, Vol.28, No.4, 2008, pp.469-493 (co-authored with S. Uranishi).
  • “The Effects of Privatization on Productivity and Capital Adjustment,” International Journal of Transport Economics, Vol.34, No.2, 2007, pp.197-224 (co-authored with S. Uranishi).
  • “An Assessment of the JR Companies Since Privatization: Performance, Local Rail Service and Debts”, Transport Reviews, Vol.19, No.2, 1999, pp.117-139.
  • “Privatization of the Japan National Railways: Overview of Performance Change,” International Journal of Transport Economics, Vol.24, No.1, 1997, pp.75-99 (co-authored with K. Nakamura).
  • “The Effects of Railways Privatization on Competitive Performance: The Case Study of Japanese Railways,” Journal of the Eastern Asia Society for Transportation Studies, Vol.1, No.1, 1995, pp.85-102 (co-authored with K. Nakamura).

(Public Utilities and Public Sector)

  • “Necessary Demand and Extra Demand of Public Utility Product: Identification Using the Stochastic Frontier Model,” Journal of Industrial and Business Economics: Economia e Politica Industriale, Vol.46, No.1, 2019, pp.45-64 (co-authored with E. Nakamura).
  • “Structural Reform of the Electricity Industry and Economic Growth,” Journal of Economics Policy Reform, 2018, (DOI10.1080/17487870.2018. 1469985) (co-authored with T. Tanaka, N. Nakayama and S. Uranishi).
  • “The Effect of Demand Response on Electricity Consumption under the Existence of the Reference Price Effect: Evidence from a Dynamic Pricing Experiment in Japan,” The Electricity Journal, Vol.31, No.1, 2018, pp.16-22 (co-authored with T. Tanaka and E. Nakamura).
  • “Productivity Effects and Determinants of Public Infrastructure Investment,” Annals of Regional Science, Vol.44, No.3, 2010, pp.493-521 (co-authored with T. Tanaka).
  • “The Post Office vs. Parcel Delivery Companies: Competition Effects on Costs and Productivity”, Journal of Regulatory Economics, Vol.23, No.3, 2003, pp.299-319 (co-authored with S. Uranishi).
  • “Identifying Network Density and Scale Economies for Japanese Water Supply Organizations,” Papers in Regional Science, Vol.80, No.2, 2001, pp.211-230 (co-authored with T. Urakami).
  • “Effects of Japan National Railways Privatization on Labor Productivity,” Papers in Regional Science, Vol.75, No.2, 1996, pp.177-199 (co-authored with K. Nakamura).

(Business Economics and Management)

  • “How do Governance Factors Affect Inefficiency? Stochastic Frontier Analysis of Public Utility Firms in Japan,” Economia e Politica Industriale, Vol.44, No.3, 2017, pp.267-289 (co-authored with E. Nakamura).
  • “How Does Market Size Affect Vertical Structure When Considering Vertical Coordination? Application to the Railway Industry,” Pacific Economic Review, Vol.19, No.5, 2014, pp.657-676 (co-authored with N. Matsushima).
  • “Managerial Incentive, Organizational Slack, and Performance: Empirical Analysis of Japanese Firms’ Behavior,” Journal of Management and Governance, Vo.18, No.1, 2014, pp.245-284 (co-authored with E. Nakamura).