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Modelling Of Criteria For The Feasibility Assessment Of Intellectual Products' Potential In The Venture Financing System

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  • Tatiana Volkova
  • Marina Kuznetsova

Abstract

Objective of the research is to develop a logical modeling variant of criteria for the feasibility assessment of intellectual products` potential in the venture financing system. Research methodology is based on synthesis of institutional and new institutional economics theory, theories of innovations, uncertainty and risk, management of innovations. Essential characteristics of venture financing are structured in the article, its treatment as an economic category is suggested. The structure of institutional field of venture financing (by the example of Russia) is elaborated with consideration of projected development and co evolution of formal and informal institutions as a favorable environment for drawing into economic turnover and commercialization of technological developments and projects. A logical model of institutional criteria for the assessment of intellectual products` potential feasibility in the system of venture financing is suggested.

Suggested Citation

  • Tatiana Volkova & Marina Kuznetsova, 2012. "Modelling Of Criteria For The Feasibility Assessment Of Intellectual Products' Potential In The Venture Financing System," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 8(1), pages 197-206.
  • Handle: RePEc:mje:mjejnl:v:8:y:2012:i:1:p:197-206
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    References listed on IDEAS

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    1. Bronwyn Hall, 2004. "The financing of research and development," Chapters,in: Financial Systems, Corporate Investment in Innovation, and Venture Capital, chapter 2 Edward Elgar Publishing.
    2. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
    3. Kerstin Bernoth & Roberta Colavecchio & Magdolna Sass, 2010. "Drivers of Private Equity Investment in CEE and Western European Countries," Discussion Papers of DIW Berlin 1002, DIW Berlin, German Institute for Economic Research.
    4. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, Oxford University Press, vol. 84(3), pages 488-500.
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