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Hi! I am Masahiro Nishida, a Ph.D. Candidate in Economics at University of Wisconsin-Madison. My research interests are industrial organization and applied microeconomics.

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Research

Working Papers

• The Impact of Cartels on Productivity: A Concrete Example from Japan
  (with Satoshi Imahie, Kazuma Takakura, and Yasutora Watanabe)
  January 2026
  Abstract

  We study the impact of cartels on productivity using a novel plant-level dataset from the Japanese ready-mixed concrete industry, where cartels are legally permitted. After estimating plant-level productivity, we adopt a difference-in-differences design to show that cartel collapse increases plant-level and market-level productivity, while cartel formation has no effect. Furthermore, a triple-difference analysis reveals that productivity gains are more pronounced for initially less productive plants and those in high-density markets. These results, combined with decomposition analyses showing that market-level improvements are driven by within-plant changes rather than reallocation or exit, suggest that the treatment effect of competition drives productivity gains.
• Cartel Sustainability Under Declining Demand
  (with Ana Sofia Teles)
  August 2025
  Abstract

  How are cartels sustained despite declining demand and firm exit? Standard repeated game theory predicts that cartels cannot be maintained when firms anticipate exit, as exiting firms have incentives to deviate just before exit without facing punishment. We develop a theoretical model showing that money transfers to exiting firms can sustain cartels through conditional transfers in firms' final period. Using novel data from Japan's ready-mixed concrete industry (1993-2004), where cooperatives engage in legally sanctioned cartels, we find evidence that declining future expected demand increases cartel collapse probability, cartels increase prices, and firm exit responds to demand conditions. These results are broadly consistent with our theoretical predictions.
• Potential Growth and Productivity in the Caribbean
  (with Alexander Amundsen, Sophia Chen, Pierre Guérin, and Sinem Kilic Celik)
  August 2025
  Abstract

  Medium-term growth prospects of Caribbean countries have weakened in recent years. We examine these trends by providing new estimates of potential GDP growth for the region. Our findings reveal a broad-based decline over time, driven by declining contributions from human capital and total factor productivity. Linking these factors to firm-level data, we identify significant scope for aggregate productivity gains through the efficient reallocation of resources between firms and the removal of firm-level structural obstacles. Addressing issues such as the cost and access to finance, workforce education, tax administration, and business licensing and permits are associated with higher aggregate welfare.

Work in Progress

• Sorting and Adverse Selection in the Used Car Market: Evidence from Japan’s Fuel Economy Scandal

Teaching

Teaching Assistant, University of Wisconsin-Madison

• Introduction to Applied Econometrics (Undergraduate), Fall 2024, Fall 2025, Spring 2026
• Introductory Econometrics (Undergraduate), Fall 2022, Spring 2023, Spring 2025