Scientific journal
Научное обозрение. Экономические науки
ISSN 2500-3410
ПИ №ФС77-57503

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ECONOMIC PROCRASTINATION AS INSTITUTIONAL TRAP OF INNOVATIVE DEVELOPMENT

Dolgov Y.V. 1
1 Irkutsk State University
The article used a number of concepts in the field of institutional economics, neuroeconomics, microeconomics and psychology: theory of decision-making, the theory of temporal discounting, theory of institutional traps. Methodology of the investment projects analysis is applied in the context of innovation. The author analyzes the mechanism of the influence of institutional traps on the socio-economic relations in the sphere of innovation activity and offers a new scientific concept of «economic procrastination». Substantiates the relationship of procrastination in the economy and the activity of institutional traps. As a mathematical substantiation of the impact of institutional traps used a modified formula of calculation of the net present value. In the framework of the concept proposes to divide the factors influencing the innovation activity, the basic factors and discounting factors. Financial, personnel, technical, scientific resources are considered as basic factors. Risks of innovative activity, benefit from rent-seeking behaviorand subjective estimation of innovative activity are considered as discounting factors. The importance of planning horizons of economic agents is justified. All these factors are reflected in a general formula of economic procrastination.