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Margarita Kirneva
PHD student

For the successful energetic and ecological transition, a significant amount of innovative technologies is needed. The development and commercialization of such technologies are risky, some of them can be profitable without any government help, while others need some form of public support, and it is difficult for the regulator to assess the profitability of a given innovation ex-ante. In the context of limited public finance, it is important to understand how to organize efficiently the support of innovations to minimize windfall profit and selection bias. Compared to simple grants, more structured financing methods should limit public spending. For example, with a repayable advance, the principal advances an amount to the firm who repays it in case of commercial success of the innovation, part of the public funds invested is recovered. Other possibilities are public loan guarantees or a public equity stake in the company. In addition, these funding schemes can also help obtain financing from financial institutions.

The objective of the research is to study the structure of the optimal financing of innovations, which generate potential environmental benefits, in the context of information asymmetry, and its link with environmental policy. “Mechanism design” will be used.

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Margarita Kirneva
PHD student