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Finance – Techniques, Institutions and Innovation
Finance – techniques, institutions and innovation

Innovation and development are expensive activities and no wonder that in the private sector – but not necessarily the public – they are undertaken for the prospect of financial return. In a fantasy world without uncertainty projects could be ranked and developed by the relative scale of their profitability; in reality uncertainty dogs the evaluation of development costs and future returns. In these circumstances the strict application of textbook financial evaluation may generate dysfunctional patterns of investment. This chapter aims to review some of the diversity of means that organisations and society have developed to evaluate and finance innovation. With this departure point, both internal techniques of financial appraisal and external institutions such as ...

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