Faculty Introduction

KAWAGOE, Toshiji


Message for Students

Game theory is studied not only in Economics but also in Psychology, Politics, Neuroscience, Artificial Intelligence, Biology and Physics (Quantum mechanics). Importance of experimental economics is also increasing. I hope you may be interested in this exciting research field and would become a pioneer.

Research Contents

Game theoretic modeling of social and economic phenomena and its experimental evaluation. Particularly, game theoretic model of bounded rationality and social preferences (altriusm and reciprocity), experimental analysis of mechanism design, and methodology of experimental economics.

Attractive Factors of My Research

Experimental economics is a rapidly growing field of research in economics. Combinining laboratory experiment, field experiment, and computer simulation, validity of game theoretic analysis is investigated. Collaboration with psychology, neuroscience, and artificial intelligence is also conducted.


As for research of bounded rationality, quantal response equilibrium (QRE) and level-k model are generalized to extensive-form games (cheap talk games and centipede games). For social preferences, guilt aversion model is refined. Finally, in the mechanism design problem, incentive compatible mechanism (pivotal mechanism), procurement auction, and school choice problem are investigaed experimentally.

Major Books and Papers

  • Experimental Economics, University of Tokyo Press, 2007 (in Japanese)
  • Introduction to Behavioral Game Theory, NTT Publishing, 2010 (in Japanese)
  • Game Theory for Beginners, Kodansha Bluebacks, 2012 (in Japanese)
  • Essencial Modern Economics, Kwade Shobo Shinsha, 2013 (in Japanese)
  • Market Design: Economics of Auctions and Matching, Kodansha, 2015 (in Japanese)
  • Yasuyo Hamaguchi, Toshiji Kawagoe, Aiko Shibata, “Group Size Effects on Cartel Formation and the Enforcement Power of Leniency Programs,” International Journal of Industrial Organization, Vol. 27, 145-167, 2009.
  • Toshiji Kawagoe, Hirokazu Takizawa, “Equilibrium Refinement vs. Level-k Analysis: An Experimental Study of Cheap-talk Games with Private Information,” Games and Economic Behavior, Vol.66, No.1, 238-255, 2009.
  • Toshiji Kawagoe, “Can Chocolate Be Money as a Medium of Exchange? Belief Learning vs. Reinforcement Learning”, Evolutionary and Institutional Economic Review, Vol. 5, No. 2, 279-292. 2009.
  • Toshiji Kawagoe, Hirokazu Takizawa, “Level-k analysis of experimental centipede games,” Journal of Economic Behavior and Organization, 82, pp.548-566, 2012.
  • Toshiji Kawagoe, Yusuke Narita “Guilt Aversion Revisited: An Experimental Test of a New Model,” Journal of Economic Behavior and Organization, vol.102, pp.1-9, 2014.