TSUJIMURA Motoo
Faculty of Commerce Department of Commerce
Professor
Last Updated :2022/11/28

Researcher Profile and Settings

Research Interests

  • Real Options
  • Finance
  • Ambiguity
  • Stochastic Control
  • resource and environmental economics

Research Areas

  • Humanities & social sciences / Money and finance / Finance
  • Social infrastructure (civil Engineering, architecture, disaster prevention) / Safety engineering
  • Social infrastructure (civil Engineering, architecture, disaster prevention) / Social systems engineering

Education

  • Osaka University, 経済学研究科, - 2001
  • Osaka University, 経済学研究科, - 1998

Degree

  • Doctor of Economics, Osaka University
  • Master of Economics, Osaka University

Association Memberships

  • Japan Association of Real Options and Strategy
  • Nippon Finance Association
  • The Operations Research Society of Japan
  • International Association for Energy Economics
  • Institute for Operations Research and the Management Sciences

Published Papers

  • Assessing Capital Investment Strategy with Convex Adjustment Cost under Ambiguity
    Junichi Imai; Motoh Tsujimura
    International Journal of Real Options and Strategy, 9 11 - 39, Nov. 2022, Scientific journal
  • Modeling and computation of an integral operator Riccati equation for an infinite-dimensional stochastic differential equation governing streamflow discharge
    Hidekazu Yoshioka; Motoh Tsujimura; Tomohiro Tanaka; Yumi Yoshioka; Ayumi Hashiguchi
    Computers and Mathematics with Applications, Elsevier BV, 126 115 - 148, Nov. 2022, Scientific journal
  • Optimal sizing of the sediment replenishment capacity based on robust ergodic control of subordinator-driven dynamics
    Hidekazu Yoshioka; Motoh Tsujimura
    Optimization, 71(11) 3383 - 3417, Nov. 2022
  • A review of stochastic controls solving economic agent problems under uncertainty
    Motoh Tsujimura
    Doshisha Syogaku, 74(2) 189 - 217, Sep. 2022
  • Analytical and numerical solutions to ergodic control problems arising in environmental management
    Hidekazu Yoshioka; Motoh Tsujimura; Yuta Yaegashi
    Mathematical Methods in the Applied Sciences, 45(13) 8329 - 8352, Sep. 2022, Scientific journal
  • A robust consumption model when the intensity of technological progress is ambiguous
    Motoh Tsujimura; Hidekazu Yoshioka
    Mathematics and Financial Economics, Aug. 2022
  • Derivation and Computation of Integro-Riccati Equation for Ergodic Control of Infinite-Dimensional SDE
    Hidekazu Yoshioka; Motoh Tsujimura
    Computational Science – ICCS 2022, Springer International Publishing, 577 - 588, Jun. 2022, In book
  • Hamilton–Jacobi–Bellman–Isaacs equation for rational inattention in the long-run management of river environments under uncertainty
    Hidekazu Yoshioka; Motoh Tsujimura
    Computers and Mathematics with Applications, 112 23 - 54, Mar. 2022, Scientific journal
  • Modeling and computation of cost-constrained adaptive environmental management with discrete observation and intervention
    Hidekazu Yoshioka; Motoh Tsujimura; Haruka Tomobe
    Journal of Computational and Applied Mathematics, 2022, Scientific journal
  • Assessing the value of investment in thermal generation capacity under price ambiguity in electricity and capacity markets
    Motoh Tsujimura
    The Social Sciences, 52(4), 2022, Scientific journal
  • Changes in Capital stock with two types of costs under stochastic output demand and capital price
    Motoh Tsujimura
    RIMS Kôkyûroku, 2207 71 - 76, Dec. 2021
  • Erlangization and ambiguity in environmental policy making
    Hidekazu Yoshioka; Motoh Tsujimura
    RIMS Kôkyûroku, 2207 57 - 61, Dec. 2021
  • Impulsive fishery resource transporting strategies based on an open-ended stochastic growth model having a latent variable
    Hidekazu Yoshioka; Tomomi Tanaka; Futoshi Aranishi; Motoh Tsujimura; Yumi Yoshiok
    Mathematical Methods in the Applied Sciences, Nov. 2021
  • Examination of Exfoliation Dynamics of Algae with sediment transport
    Kunihiko Hamagami; Hidekazu Yoshioka; Shungo Ito; Miki Tsuchiya; Motoh Tsujimura; Yumi Yoshioka; Yuta Yaegashi
    Water Science, 65(3) 157 - 167, Aug. 2021
  • HJB and Fokker-Planck equations for river environmental management based on stochastic impulse control with discrete and random observation Computers and Mathematics with Applications
    Hidekazu Yoshioka; Motoh Tsujimura; Kunihiko Hamagami; Yuta Yaegashi; Yumi Yoshioka
    Computers and Mathematics with Applications, 96 131 - 154, Aug. 2021, Scientific journal
  • Capital expansion and reduction with fixed and proportional costs under demand ambiguity
    Motoh Tsujimura
    Doshisha Syogaku, 72(6) 209 - 227, Mar. 2021
  • Cost-efficient monitoring of continuous-time stochastic processes based on discrete observations
    Hidekazu Yoshioka; Yuta Yaegashi; Motoh Tsujimura; Yumi Yoshioka
    Applied Stochastic Models in Business and Industry, WILEY, 37(1) 113-138 - 138, Jan. 2021, Scientific journal
  • Partially reversible capital investment with both fixed and proportional costs under demand risk
    Motoh Tsujimura
    RIMS Kôkyûroku, 2173 108 - 124, Dec. 2020, Research institution
  • A hybrid stochastic river environmental restoration modeling with discrete and costly observations
    Hidekazu Yoshioka; Motoh Tsujimura; Kunihiko Hamagami; Yumi Yoshioka
    Optimal Control Applications and Method, WILEY, 41(6) 1964 - 1994, Nov. 2020, Scientific journal
  • Finite volume computation for the non-stationary probability density function of an impulsively controlled 1-D diffusion process
    Yuta Yaegashi; Hidekazu Yoshioka; Motoh Tsujimura; Masayuki Fujihara
    Journal of Advanced Simulation in Science and Engineering, Japan Society for Simulation Technology, 7(2) 262 - 278, Aug. 2020, Scientific journal
  • Pollution reduction policies and their associated costs under uncertainty
    Motoh Tsujimura
    The Social Sciences, 50(2) 83 - 104, Aug. 2020
  • A Simple Stochastic Process Model for River Environmental Assessment Under Uncertainty
    Hidekazu Yoshioka; Motoh Tsujimura; Kunihiko Hamagami; Yumi Yoshioka
    In: Krzhizhanovskaya V. et al. (eds) Computational Science – ICCS 2020. ICCS 2020. Lecture Notes in Computer Science, 12143 494 - 507, Jun. 2020, International conference proceedings
  • Applications of optimal control theory in river and natural resources management
    Hidekazu Yoshioka; Motoh Tsujimura
    In Hidekazu Yoshioka ed, Ayu and River Environment in Hii River, Japan -Research results from 2015 to 2020, 63 - 76, May 2020
  • Analysis and computation of an optimality equation arising in an impulse control problem with discrete and costly observations
    Hidekazu Yoshioka; Motoh Tsujimura
    JOURNAL OF COMPUTATIONAL AND APPLIED MATHEMATICS, ELSEVIER, 366, Mar. 2020, Scientific journal
  • Stochastic control of single-species population dynamics model subject to jump ambiguity
    Hidekazu Yoshioka; Motoh Tsujimura
    Journal of Biological Dynamics, TAYLOR & FRANCIS LTD, 14(1) 696 - 729, 2020, Scientific journal
  • Mathematical Modeling for Decision-Making of Observation Timing and Workload for Cost-Effective River Environmental Management
    Hidekazu Yoshioka; Motoh Tsujimura; Yuta Yaegashi; Masayuki Fujihara
    Journal of Real Options and Strategy, The Japan Association of Real Options and Strategy, 11(0) 25 - 37, Dec. 2019, Scientific journal
  • Capital investment under output demand and investment cost ambiguity
    Motoh Tsujimura
    RIMS Kôkyûroku, 2111 125 - 136, Apr. 2019
  • Partially Reversible Capital Investment under Demand Ambiguity
    Motoh Tsujimura
    RIMS Kôkyûroku, 2106 33 - 47, Apr. 2019
  • Non-Local Fokker-Planck Equation of Imperfect Impulsive Interventions and its Effectively Super-Convergent Numerical Discretization
    Hidekazu Yoshioka; Yuta Yaegashi; Motoh Tsujimura; Masayuki Fujihara
    Communications in Computer and Information Science, Springer Singapore, 1094 79 - 91, 2019, In book
  • An Abatement Investment Strategy with Stochastic Abatement Technology
    Motoh Tsujimura
    RIMS Kôkyûroku, 2029 1 - 5, 2017
  • Impact of Ambiguity on Project Investment Timing: An Introduction
    Motoh Tsujimura
    Communications of the Japan Association of Real Options and Strategy, 9(1) 51 - 61, 2017
  • Pollution Thresholds under Uncertainty in Asymmetric Duopoly
    Makoto Goto; Ryuta Takashima; Motoh Tsujimura
    RIMS Kôkyûroku, 1983 27 - 40, 2016
  • Assessing Capital Investment Strategy with Quadratic Adjustment Cost under Ambiguity
    Motoh Tsujimura
    『数理解析研究所講究録』,, 1983 1 - 7, 2016
  • Pollutant Abatement Investment under Ambiguity in a Two-Period Model,
    Motoh Tsujimura
    International Journal of Real Options and Strategy,, 3, 13-26, , 2015
  • A Two-Period Model of Capital Investment under Ambiguity
    Motoh Tsujimura
    RIMS Kôkyûroku, 1886 16 - 22, 2014
  • Sequential Investment in Pollution Control Equipment under Uncertainty
    Motoh Tsujimura
    Doshisha Syogaku, 66(1) 267 - 279, 2014
  • Assessing Alternative R&D Investment Projects under Uncertainty,
    Motoh Tsujimura
    International Journal of Real Options and Strategy,, The Japan Association of Real Options and Strategy, 1, 1-16, - 16, 2013
  • Valuation of a Reversible Capital Investment Project under Uncertainty
    Motoh Tsujimura
    Journal of the Society of Instrument and Control Engineers, 50(11) 987 - 992, 2011
  • Irreversible investment, operating flexibility, and time lag
    Ryuta Takashima; Makoto Goto; Motoh Tsujimura
    Asia-Pacific Journal of Operational Research, WORLD SCIENTIFIC PUBL CO PTE LTD, 27(2) 271 - 286, Apr. 2010, Scientific journal
  • Choice of Alternative Environmental Policies with Quadratic Costs
    Makoto Goto; Ryuta Takashima; Motoh Tsujimura
    RIMS Kokyuroku, 1675 248 - 260, 2010
  • Real Options in a Duopoly Setting: Investment on the Project with Operational Options and Fixed Costs,
    M. Goto; R. Takashima; M. Tsujimura
    Journal of Applied Operational Research,, 2,(1,) 22-32, , 2010
  • The value of a merger and its optimal timing
    Masaya Okawa; Motoh Tsujimura
    Applied Financial Economics, 19(18) 1477 - 1485, Sep. 2009, Scientific journal
  • Induced effects and technological innovation with strategic environmental policy
    Atsuyuki Ohyama; Motoh Tsujimura
    European Journal of Operational Research, ELSEVIER SCIENCE BV, 190(3) 834 - 854, Nov. 2008, Scientific journal
  • Choice of Three Environmental Policies under Uncertainty
    Makoto Goto; Ryuta Takashima; Motoh Tsujimura
    RIMS Kôkyûroku, 1580 174 - 184, 2008
  • Three Phased Switching of Operations under Uncertainty
    Ryuta Takashima; Makoto Goto; Motoh Tsujimura
    RIMS Kokyuroku,, 1580 185 - 194, 2008
  • The Effect of Strategies on Mergers and Acquisitions
    Makoto Goto; Masaya Okawa; Ryuta Takashima; Motoh Tsuijmura
    RIMS Kôkyûroku, Kyoto University, 1580 195 - 205, 2008
  • 2次形式の調整費用を考慮した代替的な環境政策について,
    M. Goto; R. Takashima; M. Tsujimura
    『オペレーションズ・リサーチ』,, 53(4) 235 - 239, 2008
  • Capacity investment with adjustment costs under uncertainty
    Motoh Tsujimura
    Communications of the Operations Research Society of Japan, 53(11) 603 - 607, 2008
  • 不確実性下における代替的な環境政策の選択,
    後藤允; 高嶋隆太; 辻村元男
    『ジャフィージャーナル』,, 24-51, , 2008
  • Stock repurchase policy with transaction costs under jump risks
    Hiromichi Goko; Masamitsu Ohnishi; Motoh Tsujimura
    in T. Dohi, S. Osaki and K. Sawaki (eds), Recent Advancement of Stochastic Operations Research, WORLD SCIENTIFIC PUBL CO PTE LTD, 161 - 174, 2007
  • Political measures for strategic environmental policy with external effects
    Atsuyuki Ohyama; Motoh Tsujimura
    Environmental and Resource Economics, SPRINGER, 35(2) 109 - 135, Oct. 2006, Scientific journal
  • Corporate Strategy and Management under Risk: A Stochastic Control Approach
    Motoh Tsujimura
    in H. Takamori and M. Ide (ed), Financial Technology, Agency, and Management, Toyokeizai, Tokyo,, 275 - 293, 2006
  • An impulse control of a geometric Brownian motion with quadratic costs
    Masamitsu Ohnishi; Motoh Tsujimura
    European Journal of Operational Research, ELSEVIER SCIENCE BV, 168(2) 311 - 321, Jan. 2006, Scientific journal
  • Optimal natural resources management under uncertainty with catastrophic risk
    Motoh Tsujimura
    Energy Economics, ELSEVIER SCIENCE BV, 26(3) 487 - 499, May 2004, Scientific journal
  • An Empirical Study on Mergers in Japanese Companies by Real Options Approach
    Masaya Okawa; Motoh Tsujimura
    Osaka Economic Papers, 大阪大学大学院経済学研究科資料室, 54(3) 502 - 516, 2004
  • Creation of the Tourist Resources Conducive to the Local Society -Financial Approach to the Buried Cultural Property-
    S. Ishikawa; H. Akakabe; M. Tsujimura
    Journal of Tourism Research, (45) 21 - 30, 2004
  • Review of Option Value in Finance and Environmental Economics
    Motoh Tsujimura
    Osaka Economic Papers, 大阪大学大学院経済学研究科, 52(4) 1 - 39, 2003
  • Impulse Control and Its Applications to Mathematical Finance
    Motoh Tsujimura
    Osaka economic papers, 大阪大学経済学会, 53(3) 199 - 220, 2003
  • Optimal Dividend Policy by an Impulse Control Approach
    Masamitsu Ohnishi; Motoh Tsujimura
    RIMS Kôkyûroku, 1252 139 - 146, 2002
  • Optimal Impulse Control under a Geometric Brownian Motion
    Masamitsu Ohnishi; Motoh Tsujimura
    RIMS Kôkyûroku, 1194 225 - 232, 2001
  • Optimal Implementation of Environmental Improvement Policy with Implementation Costs,
    Motoh Tsujimura
    Scientiae Mathematicae Japonicae Online,, 4 613 - 628, 2001
  • Price Analysis of Tradable Emission Permits of CO2 by a Real Option Model
    Tsujimura Motoh
    Osaka Daigaku keizaigaku = The Economic review of Osaka University, Osaka University, 50,(1) 50-65, - 65, 2000

MISC

  • Growth of the fish Plecoglossus altivelis altivelis
    Hidekazu Yoshioka; Yumi Yoshioka; Yuta Yaegashi; Motoh Tsujimura
    In Hidekazu Yoshioka ed, Ayu and River Environment in Hii River, Japan -Research results from 2015 to 2020, 13 - 26, May 2020
  • 斐伊川のアユ成長や水温の解析
    吉岡秀和; 辻村元男; 八重樫優太; 吉岡有美
    瀬音, 12 6 - 7, Jun. 2019, Others
  • 2-F-16 Alternative investments, debt financing, and optimal capital structure
    TAKASHIMA Ryuta; GOTO Makoto; TSUJIMURA Motoh
    日本オペレーションズ・リサーチ学会春季研究発表会アブストラクト集, The Operations Research Society of Japan, 2009 282 - 283, 17 Mar. 2009
  • 2-G-8 Choice of alternative environmental policies with quadratic cost under uncertainty
    GOTO Makoto; TAKASHIMA Ryuta; TSUJIMURA Motoh
    日本オペレーションズ・リサーチ学会秋季研究発表会アブストラクト集, The Operations Research Society of Japan, 2007 256 - 257, 27 Sep. 2007
  • 2-G-7 Switchable Emissions and Optimal Timing of Environmental Policy
    TAKASHIMA Ryuta; GOTO Makoto; TSUJIMURA Motoh; KIMURA Hiroshi; MADARAME Haruki
    日本オペレーションズ・リサーチ学会秋季研究発表会アブストラクト集, The Operations Research Society of Japan, 2007 254 - 255, 27 Sep. 2007
  • 2-G-9 Entry and Exit Decisions under Uncertainty in a Symmetric Duopoly
    GOTO Makoto; TAKASHIMA Ryuta; TSUJIMURA Motoh; OHNO Takahiro
    日本オペレーションズ・リサーチ学会秋季研究発表会アブストラクト集, The Operations Research Society of Japan, 2007 258 - 259, 27 Sep. 2007
  • 2-F-3 Entry and Exit Decisions under Uncertainty in a Duopoly
    GOTO Makoto; TAKASHIMA Ryuta; TSUJIMURA Motoh; OHNO Takahiro
    日本オペレーションズ・リサーチ学会春季研究発表会アブストラクト集, The Operations Research Society of Japan, 2007 214 - 215, 28 Mar. 2007
  • 2-B-13 Optimal capacity expansion and contraction with fixed and quadratic adjustment costs(Abstracts,The 2006 Spring National Conference of Operations Research Society of Japan)
    GOTO Makoto; TAKASHIMA Ryuta; TSUJIMURA Motoh
    日本オペレーションズ・リサーチ学会春季研究発表会アブストラクト集, The Operations Research Society of Japan, 2006 128 - 129, 14 Mar. 2006

Books etc

  • 確率制御の基礎と応用
    朝倉書店, 2016
  • Stochastic Control: Theory and Applications
    Asakura Publishing, 2016

Research Projects

  • Development Real Options Valuation Models for Pollutant Reduction Investment under Ambiguity and Their Applications
    科学研究費助成事業 基盤研究(C), 2021/04 -2025/03, Principal investigator
  • Development of a Business Valuation Model Using a Real Options Approach under Ambiguity
    Doshisha University, Urgent Research Related to COVID-19 (All Doshisha Research Model), 2020/07 -2021/03, Principal investigator
  • Developing Evaluation Models of Environmental Policies under Ambiguity by using Real Options Approach and Their Applications
    Motoh Tsujimura
    科学研究費助成事業 基盤研究(C), 2018/04 -2021/03, Principal investigator, Competitive research funding
  • 証券市場における注文形式と価格発見・流動性指標に関する研究
    Toshihiko Marumo
    Japan Securities Scholarship Foundation, Research Grant Program 2019, 2019/09 -2020/09, Competitive research funding
  • Development of Evaluating Models for Environmental Policies by using Real Options Approach under Ambiguity and Their Applications
    Motoh Tsujimura
    科学研究費助成事業 基盤研究(C), 2015/04 -2018/03, Principal investigator, Competitive research funding
  • Development of Evaluating Models of Pollutant Reduction Investment Projects by using Real Options Approach and Their Applications
    Motoh Tsujimura
    科学研究費助成事業 基盤研究(C), 2012/04 -2015/03, Principal investigator, Competitive research funding
  • Exploring Decision Support Models in OR-oriented Finance
    Toshikazu Kimura
    科学研究費助成事業 基盤研究(A), 2008/04 -2013/03, Competitive research funding
  • Developing Evaluation Models of Resource and Environmental Policy by using Real Options Approach and Their Applications
    Motoh Tsujimura
    科学研究費助成事業 基盤研究(C), 2008/04 -2012/03, Principal investigator, Competitive research funding
  • System Analytic Approach to Financial Technology, Management and Governance
    Hiroshi Takamori
    Grant-in-Aid for Scientific Research (B), 2004/04 -2007/03, Competitive research funding
  • Studies on Financial Models with Transaction Costs and Default
    Motoh Tsujimura
    科学研究費助成事業 若手研究(B), 2003/04 -2006/03, Principal investigator, Competitive research funding