Research Article
A Framework for Valuation and Portfolio Optimization of Venture Capital Deals with Contractual Terms
Table 14
Comparison of right-tail and utility function approach.
| Test problems | Number of variables | MNPV | E | B | Right tail probability | Utility function |
| 1 | 40 | 25 | 150 | 200 | 52.69 | 66.03 | 2 | 40 | 25 | 300 | 400 | 58,54 | 96.60 | 3 | 40 | 50 | 150 | 200 | 59.02 | 57.34 | 4 | 40 | 50 | 300 | 400 | 63.92 | 85.25 | 8 | 40 | 100 | 300 | 400 | 99.82 | 94.30 | 9 | 40 | 125 | 150 | 200 | 53.08 | 81.31 | 10 | 40 | 125 | 300 | 400 | 53.63 | 95.56 | 11 | 50 | 25 | 150 | 200 | 54,09 | 79.48 | 12 | 50 | 25 | 300 | 400 | 73.01 | 73.18 | 13 | 50 | 50 | 150 | 200 | 69.31 | 79.71 | 14 | 50 | 50 | 300 | 400 | 55.88 | 108.34 | 15 | 50 | 75 | 150 | 200 | 69.85 | 80.43 | 16 | 50 | 75 | 300 | 400 | 83.99 | 148.61 | 17 | 50 | 100 | 150 | 200 | 55.00 | 74.17 | 18 | 50 | 100 | 300 | 400 | 87.21 | 133.07 | 19 | 50 | 125 | 150 | 200 | 63.90 | 74.38 | 20 | 50 | 125 | 300 | 400 | 39.65 | 65.44 | Mean | 64.35 | 87.42 |
|
|