In the course of their work aimed at studying the problems of risk assessment of cluster formations, their constituent entities, and macro-regions where the clusters are located, the authors identified some potential negative effects of the introduction of clusters. The authors developed an algorithm for calculating the micro- and macroeconomic risks of clusters based on the original and existing techniques adapted to the conditions of a particular problem. Thus, the possibility was suggested of using some tools of the portfolio theory in relation to the cluster, based on the consideration that the cluster is a special case of the asset portfolio. In the authors' opinion, clusters should not be regarded as a purely positive phenomenon in terms of the results of their functioning. Algorithms for calculating the micro- and macroeconomic risks of clusters can be successfully applied to solve practical problems: making decisions on the establishment, expansion, contraction, elimination of clusters; assessing the impact of a cluster on the performance of the region. There is a wide range of opportunities for further application of the research results, including such areas as classification and ranking of clusters.
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