KANEMOTO, Yoshitsugu

Position Adjunct Professor; Professor Emeritus
Degree Ph.D.,(Regional Science) Cornell University
Specialty Urban Economics, Public Economics, Transportation Economics
Current Research Interests Early work was concentrated on theoretical developments in urban economics. Contributions on urban economics are concerned with second best land use in the presence of unpriced congestion, optimal city size, and urban dynamics. I have since worked on a variety of fields such as optimal discount rates in the presence of asymmetric information in the credit market, labor contracts with unverifiable firm-specific human capital, regulation of the urban railway industry, and electric power market.


  • Professional Career

1977 Ph.D., Cornell University
1977 Assistant Professor, Department of Economics, University of British Columbia
1980 Associate Professor, Tsukuba University
1984 Visiting Associate Professor, Queen's University, Canada
1988 Associate Professor, The University of Tokyo
1992 Professor, Graduate School of Economics, The University of Tokyo
2004-2011 Professor, Graduate School of Public Policy and Graduate School of Economics, the University of Tokyo
2008-2010 Dean, Graduate School of Public Policy, the University of Tokyo
2011-2014 Professor, GRIPS
2011-2013 Executive Advisor to the President, GRIPS
2013-2015 Vice President, GRIPS
2015-2020 Senior Professor, GRIPS
2015-2021 President and Chairman of the Board of Directors, Organization for Cross-regional Coordination of Transmission Operators, JAPAN (OCCTO)
2020-present Adjunct Professor, GRIPS 
2022-present Chairman of the Board of Directors, Japan Electric Power Exchange (JEPX)


  • Selected Publications

Kanemoto, Y., Theories of Urban Externalities, North-Holland, (1980).

Kanemoto, Y., "Congestion and Cost-Benefit Analysis in Cities," Journal of Urban Economics 2, 246-264, (1975).

Kanemoto, Y., "Cost-Benefit Analysis and the Second-Best Land Use for Transportation," Journal of Urban Economics 4, 483-503, (1977).

Kanemoto, Y., "Externality, Migration and Urban Crises," Journal of Urban Economics 8, 150-164, (1980).

Kanemoto, Y., "Pricing and Investment Policies in the System of Competitive Commuter Railways," Review of Economic Studies 51, 665-681, (1984).

Kanemoto, Y., "Asymmetric Information in the Credit Market and Discount Rates for Public Investment," Journal of Public Economics 34, 291-309, (1987).

Kanemoto, Y., "Hedonic Prices and the Benefits of Public Projects," Econometrica 56, 981-989, (1988).

Kanemoto, Y. and W. B. MacLeod, "The Ratchet Effect and the Market for Second-Hand Workers," Journal of Labor Economics 10, No.1, 85-98, (1992).

Kanemoto, Y. and W. B. MacLeod, "Firm Reputation and Self-Enforcing Labor Contracts," Journal of the Japanese and International Economies 1, 144-162, (1992).

Kanemoto, Y. and K. Kiyono, "Regulation of Commuter Railways and Spatial Development," Regional Science and Urban Economics 25, 377-394, (1995).

Kanemoto, Y., T. Kitagawa, H. Saito, and E. Shioji, (2005), "Estimating Urban Agglomeration Economies for Japanese Metropolitan Areas: Is Tokyo Too Large?" GIS-Based Studies in the Humanities and Social Sciences, Edited by A. Okabe. Taylor & Francis, Boca Raton, 229-241.

Kanemoto, Y., (2006), "Urban Transport Economic Theory," A Companion to Urban Economics, Edited by Richard J. Arnott and Daniel P. McMillen, Blackwell Publishing, Oxford, UK, 245-260.

Kanemoto, Y., (2011), "Surplus Theory," A Handbook of Transport Economics, Edited by A. de Palma, R. Lindsey, E. Quinet, and R. Vickerman, Edward Elgar Publishing, Cheltenham Glos, UK, 479 - 499.

Kanemoto, Y., (2013), "Second-best cost-benefit analysis in monopolistic competition models of urban agglomeration," Journal of Urban Economics 76, 83–92. (http://dx.doi.org/10.1016/j.jue.2013.03.006)

Behrens, K, Kanemoto, Y., and Murata, Y., (2015), "The Henry George Theorem in a second-best world," Journal of Urban Economics 85, 34-51. (http://dx.doi.org/10.1016/j.jue.2014.10.002)


  • Prizes:

Nikkei Book Award (1981): Theories of Urban Externalities, North-Holland, (1980).

Fellow, Regional Science Association International, 2007.


  • Social Contributions

Member, Council for Infrastructure, MLIT
Member, Council for Transportation Policy, MLIT


  • Other notable activities

Associate Editor: Journal of Transportation Economics and Policy, Journal of the Japanese and International Economies, Managerial and Decision Economics


  • Link

personal website


  • e-mail: kanemoto

*Please add”@grips.ac.jp” to send a message.

7-22-1 Roppongi, Minato-ku, Tokyo 106-8677

TEL : +81-(0)3-6439-6000     
FAX : +81-(0)3-6439-6010


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