TOP > Research

Studies on finance and its applications to decisionmaking under uncertainty 

The present research subjects

 investment project management under ambiguity/risk
 environmental policy under ambiguity/risk


real options, stochastic cocntrol, ambiguity, environmental policy, investment
project 

 2016. Stochastic Control: Theory and Applications, Motoh Tsujimura and Akira Maeda, Asakura Publisher. (in Japanese)



 2021. HJB and FokkerPlanck 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, and Yumi Yoshioka, Computers and Mathematics with Applications, 96, 131154. DOI: 10.1016/j.camwa.2021.05.015.
 2021. Costefficient monitoring of continuoustime stochastic processes
based on discrete observations, Hidekazu Yoshioka, Yuta Yaegashi, Motoh
Tsujimura, and Yumi Yoshioka, Applied Stochastic Models in Business and Industry. 37(1), 113138. DOI:10.1002/asmb.2559.
 2020. A hybrid stochastic river environmental restoration modeling with discrete and costly observations, Hidekazu Yoshioka, Motoh Tsujimura, Kunihiko Hamagami, and Yumi Yoshioka, Optimal Control Applications and Method, 41(6), 19641994. DOI: 10.1002/oca.2616
 2020. Finite volume computation for the nonstationary probability density function of an impulsively controlled 1D diffusion process, Yuta Yaegashi; Hidekazu Yoshioka; Motoh Tsujimura; Masayuki Fujihara, Journal of Advanced Simulation in Science and Engineering, 7(2), 262278. DOI:10.15748/jasse.7.262
 2020. Stochastic control of singlespecies population dynamics model subject to jump ambiguity, Hidekazu Yoshioka and Motoh Tsujimura, Journal of Biological Dynamics,14(1), 696729. DOI: 10.1080/17513758.2020.1811408.
 2020. Pollution reduction policies and their associated costs under uncertainty, Motoh Tsujimura, The Social Sciences, 50(2), 83104. DOI:10.14988/00027791
 2020. A Simple Stochastic Process Model for River Environmental Assessment Under Uncertainty, H. Yoshioka., M. Tsujimura, K. Hamagami, and Y. Yoshioka. In: Krzhizhanovskaya V. et al. (eds) Computational Science – ICCS 2020. ICCS 2020. Lecture Notes in Computer Science, 12143. 494507, Springer, Cham
 2020. Analysis and computation of an optimality equation arising in an impulse control problem with discrete and costly observations, Hidekazu Yoshioka and Motoh Tsujimura, Journal of Computational and Applied Mathematics, 366, 112399. https://doi.org/10.1016/j.cam.2019.112399.
 2019. Mathematical Modeling for DecisionMaking of Observation Timing and Workload for CostEffective River Environmental Management, Hidekazu Yoshioka, Motoh Tsujimura, Yuta Yaegashi, and Masayuki Fujihara, Journal of Real Options and Strategy, 11, 25–37. https://doi.org/10.12949/realopn.11.25
 2015. Pollutant Abatement Investment under Ambiguity in a TwoPeriod Model, International Journal of Real Options and Strategy, 3, 1326.
 2013. Assessing Alternative R&D Investment Projects under Uncertainty, International Journal of Real Options and Strategy, 1, pp. 116.
 2010. Irreversible investment, operating flexibility, and time lag, AsiaPacific Journal of Operational Research, 27(2), pp. 271286.(with M. Goto and R. Takashima)
 2010. Real Options in a Duopoly Setting: Investment on the Project with Operational Options and Fixed Costs, Journal of Applied Operational Research, 2, pp. 2232.(with M. Goto and R. Takashima)
 2009. The value of a merger and its optimal timing, Applied Financial Economics, 19, pp. 14771485. (with M. Okawa).
 2008. Induced Effects and Technological Innovation with Strategic Environmental Policy, European Journal of Operational Research, 190, pp. 834854. (with A. Ohyama)
 2008. Choice of alternative environmental policies under uncertainty. JAFEE Journal, pp. 2451. (with M. Goto and R. Takashima) (in Japanese)
 2007. Stock Repurchase Policy with Transaction Costs under Jump Risks, in T. Dohi, S. Osaki and K. Sawaki (eds), Recent Advancement of Stochastic Operations Research, World Scientific, Singapore, pp. 161174. (with H. Goko and M. Ohnishi)
 2006. Political Measures for Strategic Environmental Policy with External Effects, Environmental and Resource Economics, 35, pp. 109135. (with A. Ohyama)
 2006. An Impulse Control of a Geometric Brownian Motion with Quadratic Costs, European Journal of Operational Research, 168, pp. 311321. (with M. Ohnishi)
 2004. Creation of the Tourist Resources Conducive to the Local Society Financial Approach to the Buried Cultural Property, Journal of Tourism Research, No. 45. PP. 2130. (with H. Akakabe and S. Ishikawa) (in Japanese)
 2004. Optimal Natural Resources Management under Uncertainty with Catastrophic Risk, Energy Economics, 26, pp. 487499.
 2001. Optimal Implementation of Environmental Improvement Policy with Implementation Costs, Scientiae Mathematicae Japonicae Online, 4, pp. 613628.

Nonrefereed Academic Papers

 2021. Capital expansion and reduction with fixed and proportional costs
under demand ambiguity, Motoh Tsujimura, Doshisha Syogaku, 72(6), 209227.
 2020. Partially reversible capital investment with both fixed and proportional
costs under demand risk, RIMS Kôkyûroku, 2173, 108124.
 2020. Growth of the fish Plecoglossus altivelis altivelis, Hidekazu Yoshioka,
Yumi Yoshioka, Yuta Yaegashi, and Motoh Tsujimura, In Hidekazu Yoshioka
ed, Ayu and River Environment in Hii River, Japan Research results from 2015
to 2020, Laboratory of Mathematical Sciences for Environment and Ecology, Shimane
University, 1326, 2020. (in Japanese)
 2020. Applications of optimal control theory in river and natural resources
management, Hidekazu Yoshioka and Motoh Tsujimura, In Hidekazu Yoshioka
ed, Ayu and River Environment in Hii River, Japan Research results from 2015
to 2020, Laboratory of Mathematical Sciences for Environment and Ecology, Shimane
University, 6376, 2020. (in Japanese)
 2019. NonLocal FokkerPlanck Equation of Imperfect Impulsive Interventions
and its Effectively SuperConvergent Numerical Discretization. In: Tan
G., Lehmann A., Teo Y., Cai W. (eds) Methods and Applications for Modeling and Simulation of Complex Systems. AsiaSim 2019. Communications in Computer and Information Science, vol
1094. Springer, Singapore. (Yoshioka H., Yaegashi Y., Tsujimura M., Fujihara
M.)
 2019. Capital investment under output demand and investment cost ambiguity,
RIMS Kôkyûroku, 2111, 125136.
 2019. Partially Reversible Capital Investment under Demand Ambiguity, RIMS
Kôkyûroku, 2106, 3347.
 2017. An Abatement Investment Strategy with Stochastic Abatement Technology, RIMS Kôkyûroku, 2029, 15.
 2017. Impact of Ambiguity on Project Investment Timing: An Introduction,
Communications of the Japan Association of Real Options and Strategy, 9(1), 5661. (in Japanese)
 2016. Assessing Capital Investment Strategy with Quadratic Adjustment Cost
under Ambiguity, RIMS Kôkyûroku, 1983, 17.
 2016. Pollution Thresholds under Uncertainty in Asymmetric Duopoly, RIMS Kôkyûroku, 1983, 2740. (with M. Goto and R. Takashima)
 2014. Sequential Investment in Pollution Control Equipment under Uncertainty, Doshisha Syogaku, 66, 267279
 2014. A TwoPeriod Model of Capital Investment under Ambiguity, RIMS Kôkyûroku, 1886, 1822.
 2011. Valuation of a Reversible Capital Investment Project under Uncertainty,
Journal of the Society of Instrument and Control Enginners, 50(11), 987992. (in Japanese)
 2010. Choice of Alternative Environmental Policies with Quadratic Costs
under Uncertainty RIMS Kôkyûroku, 1675, pp.248260. (with M. Goto and R. Takashima)
 2008. Capacity investment with adjustment costs under uncertainty, Communications of the Operations Research Society of Japan, 53 pp. 603607. (in Japanese)
 2008. Choice of alternative environmental policies with quadratic cost under uncertainty, Communications of the Operations Research Society of Japan, 53 pp. 235239. (with M. Goto and R. Takashima) (in Japanese)
 2008. The Effect of Strategies on Mergers and Acquisitions, RIMS Kôkyûroku, 1580 pp. 195205.(with M. Goto, M. Okawa and R. Takashima) (in Japanese)
 2008. Three Phased Switching of Operations under Uncertainty RIMS Kôkyûroku, 1580 pp. 185194.(with M. Goto and R. Takashima)
 2008. Choice of Three Environmental Policies under Uncertainty, RIMS Kôkyûroku,1580 pp. 174184. (with M. Goto and R. Takashima) (in Japanese)
 2006. Corporate Strategy and Management under Risk: A Stochastic Control
Approach, in Financial Technology, Agency, and Management, edited by H. Takamori and M. Ide (Tokyo, Toyo Keizai Inc), 275293. (in
Japanese)
 2004. An Empirical Study on Mergers in Japanese Companies by Real Options Approach, Osaka Economic Papers, 54, pp. with M. Okawa. (in Japanese)
 2003. Impulse Control and Its Applications to Mathematical Finance, Osaka Economic Papers, 53, pp. 199220.
 2003. Review of Option Value in Finance and Environmental Economics, Osaka Economic Papers, 52, pp. 139. (in Japanese)
 2002. Optimal Dividend Policy by an Impulse Control Approach, RIMS Kôkyûroku,, 1252, pp. 139146. with M. Ohnishi. (in Japanese)
 2001. Optimal Impulse Control under a Geometric Brownian Motion, RIMS Kôkyûroku, 1194, pp. 225232. with M. Ohnishi. (in Japanese)
 2000. Price Analysis of Tradable Emission Permits of CO2 by a Real Option Model, Osaka Economic Papers, 50, pp. 5065.


 2009. A Real Options Game：Investment on the Project with Operational Options and Fixed Costs, Working Paper Series, Institute of Financial Studies, Waseda University, WIF09001. (with M. Goto and R. Takashima) submitted
 2007. The value of a merger and its optimal timing, Discussion Paper Series, Faculty of Economics, Ryukoku University, 0702. (with M. Okawa)
 2007. Choice of alternative environmental policies under uncertainty. Discussion Paper Series, Faculty of Economics, Ryukoku University, 0701. (with M. Goto and R. Takashima) (in Japanese)
 2006. Induced Effects and Technological Innovation with Strategic Environmental Policy, Discussion Paper 21COE Program "Interfaces for Advanced Economic Analysis", Kyoto University, No. 109. (with A. Ohyama).
 2004. An Impulse Control of a Geometric Brownian Motion with Quadratic Costs, Working Paper, Kyoto University, 75.with M. Ohnishi.
 2002. Optimal Natural Resources Management under Uncertainty with Catastrophic Risk, Discussion Papers In Economics And Business, Osaka University, 0208
 2002. Optimal Dividend Policy with Transaction Costs under a Brownian Cash Reserve, Discussion Papers In Economics And Business, Osaka University, 0207. with M. Ohnishi.
 1999. Price Analysis of Tradable Emission Permits of CO2 by a Real Option Model, Discussion Papers In Economics And Business, Osaka University, 9904.


 2006. Optimal capacity expansion and contraction with fixed and quadratic adjustment costs, Proceedings of the Sapporo Symposium on Financial Engineering and Its applications, pp. 720. (with M. Goto and R. Takashima)
 2004. Dividend and Stock Repurchase Policy with Transaction Costs, Abstract in the 2004 Spring National Conference of Operations Research Society of Japan, pp. 7879.



