Miwa Nakai


Affiliation Faculty of Economics / Department of Economics
Title Associate Professor
Room Faculty of Economics 705 (Extension2705)
E-mail miwanakai ( at = @ )
Education Graduate School of Economics, Kobe University, Japan
Ph.D. Economics
Academic Societies Society for Environmental Economics and Policy Studies, Japan
European Association of Environmental and Resource Economists
International Association for Energy Economics
Career 04/2014 – 10/2015: Project Academic Support Specialist, Presidential Endowed Chair for “Platinum
Society“, University of Tokyo, Japan
11/2015 – 03/2018: Project Researcher, Presidential Endowed Chair for “Platinum Society“, University of Tokyo, Japan
04/2018 – 03/2020: Assistant Professor, Junior Researcher, Research Institute for Environmental Economics and Management, Waseda University, Japan
04/2020 – Present: Associate Professor, Department of Economics, Faculty of Economics,
Fukui Prefectural University, Japan

Research Interest

Research Field Environmental Economics
Research Summary The topics of my research range across various areas, including the evaluation of corporate social
responsibility using financial data as well as via economic experiments, interdisciplinary research on
energy and food, and sustainability.
Recently I have especially worked on several international collaborations as follows:
1) Household survey project for electricity plan including dynamic tariff in Japan and Germany (with the University of Kassel, Germany)
- conducting a survey, examining how dynamic contract and renewable energy will become more popular among households and comparing the results for Japan and Germany.
2) Socially responsible investment project in Japan, Germany and Australia (with the University of
Kassel, Germany, and Griffith University, Australia)
- investigating whether and how the frequencies and magnitudes of natural disasters affect demands for ESG (environment, social and governance) investments using financial data and comparing the results for Japan, Germany and Australia.
3) Household survey project in the Philippines on energy-efficient air conditioners
(with Ateneo de Manila University, the Philippines)
- conducting a survey investigating how we can make people purchase energy-efficient air conditioners in the Philippines where the percentage of AC owners has been increased and will be expected to increase in the future due to economic growth.

Selected Publications

- Mitsunami, K., Nakai, M., 2024. Are sustainable firms more innovative? The case of China. Japan & The World Economy 69, 101238.
- Nakai, M., Ravago, M. V., Miyaoka, Y., Saito, K., Arimura, T. H., 2023. Consumers’ preferences for energy-efficiency air conditioners in a developing country: A discrete choice experiment using eco labels, Energy Efficiency 16, 14.
- Gutsche, G., Nakai, M., Arimura, T. H., 2021. Revisiting the determinants of individual sustainable investment - The case of Japan. Journal of Behavioral and Experimental Finance 30, 100497.
- Kunugi, Y., Arimura, T. H., Nakai, M., 2021. The long-term impact of wind power generation on a local community: Economics analysis of subjective well-being data in Choshi city. Energies 14 (13), 3984.
- Omura, A., Roca, E., Nakai, M., 2020. Does responsible investing pay during economic downturns: Evidence from the COVID-19 pandemic. Finance Research Letters 101914.
- Kikuchi, Y., Nakai, M., Kanematsu, Y., Oosawa, K., Okubo, T., Oshita, Y., Fukushima, Y., 2020.
Application of technology assessments to co‐learning for regional transformation: a case study of biomass
energy systems in Tanegashima. Sustainability Science.
- Nakai, M., Kurisu, T., Kamizono, T., Kakiuchi, Y., Okubo, T., Kikuchi, Y., 2019. The impact of workshops on energy literacy and preferences: A case of high school students on Tanegashima island. Journal of Life Cycle Assessment, Japan 15(4), p.343-359.
- Nakai, M., Kurishima, H., Kurasaka, H., Kikuchi., Y., 2018. Industry-academia-public sector partnership
for comprehensive local community development: Case in Japan. Review of Environmental Economics and Policy Studies 11(2), p.65-69.
- Nakai, M., Okubo, T., Kikuchi, Y., 2018. A socio-technical analysis of consumer preferences about energy systems applying a simulation-based approach: A case study of the Tokyo area. Energy Research & Social
Science 46, p.52-63.
- Mitsunami, K., Nakai, N., 2018. A study on yogurt consumption: A case of industry-academia
collaboration in Fukushima and Tokyo. Drug Discoveries & Therapeutics 12(3), p.178-181.
- Nakai, M., Honda, T., Nishino, N., Takeuchi, K., 2018. Psychological characteristics of potential SRI
investors and its motivation in Japan: An experimental approach.
Journal of Sustainable Finance & Investment 8(4), p.349-367.
- Nakai, M., Yamaguchi, K., Takeuchi, K., 2016. Can SRI funds better resist global financial crisis?
Evidence from Japan. International Review of Financial Analysis 48, p.12-20.
- Nakai, M., Honda, T., 2013. Financial evaluation of CSR: A literature review. Journal of Life Cycle
Assessment, Japan 9(4), p.332-339.
- Nakai, M., Yamaguchi, K., Takeuchi, K., 2013. Sustainability membership and stock price: An empirical
study using the Morningstar-SRI index. Applied Financial Economics 23(1), p.71-77.

Community Engagement

Educational Activites

Classes Undergraduate: Environmental Economics, Seminar II “Environmental Economics”,
Seminar I “Environmental Economics”, Reading of Foreign Economics Text I,
Basic Seminar “Introduction to Behavioral Economics”
Postgraduate: Environmental Policy
Office Hour
Available Topics Environmental Evaluation, Energy-saving behaviour, Corporate Social Responsibility,
ESG investment, SDGs

Additional Information