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Model of economic protection of high-tech projects implemented in the knowledge-intensive sector of the economy

Author

Listed:
  • Evgeny Yu. Khrustalev

    (Russian Academy of Sciences)

  • Andrey S. Slavyanov

    (Bauman Moscow State Technical University)

Abstract

Economic protection of innovative projects in strategic sectors of Russia’s economy remains a challenging task, which has not been fulfilled as yet. The research aims to develop a methodological approach to selecting of the most rational method of economic protection of innovation projects and their results. Methodologically the paper relies on A. Wagner’s theory of harm compensation, A. Manes’ theory of satisfying event-based need, M. Wolf ’s concept of insurable interest, as well as the theory of innovation and risk management. In terms of methods, the research uses mathematical modeling of innovation projects’ management. The analysis of current practices revealed that insurance, making financial and material reserves are the most widespread methods of economic protection of innovative projects in aircraft construction, shipbuilding, nuclear power industry, and space industry. The major drawback of insurance lies in insurance agents’ inclination to set excessively high insurance rates on the ground that the objects insured are unique, as well as delay payments, which incurs substantial losses to the insured and harms their competitive advantages. Making financial reserves is free from such shortcomings, because it implies creation of a special fund within an enterprise, which will be used to recover from a risk event in case it takes place. Organisation of economic protection using the method of material reserves means that the material object should be duplicated. This allows reducing time of the object commissioning and retain market positions. The researchers suggest a mathematical model for assessing the economic effect of applying this or that method of protection. The application of the model shows that different methods are preferable at different stages of a life cycle of a high-tech product. Suggested approaches to decision-making allow considerably increasing the efficiency of strategic innovation projects.

Suggested Citation

  • Evgeny Yu. Khrustalev & Andrey S. Slavyanov, 2019. "Model of economic protection of high-tech projects implemented in the knowledge-intensive sector of the economy," Journal of New Economy, Ural State University of Economics, vol. 20(2), pages 100-113, May.
    • Handle: RePEc:url:izvest:v:20:y:2019:i:2:p:100-113
    DOI: 10.29141/2073-1019-2019-20-2-6
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