摘要：In this paper, we analyze models to evaluate the intangible assets - more precisely, patents - in two approaches: one traditional, which encompasses the discounted cash flow model; and another heterodox, namely the real options theory. First, we discuss the relevance of the evaluation process and investment analysis in innovation as well as the relevance of the economic and financial evaluation in Brazil and worldwide. In this perspective, the investment in innovation starts a cycle that works as a strong driver of the nation’s wealth. The analysis of the results found is presented in the case study of a technology transfer at a Higher Education Institution – HEI. We consider that the technology is protected (by a patent) in the first simulation and that has no protection (without a patent) in the second simulation. To carry out this procedure, we discuss the pricing of intangible assets and the application of those methods in each circumstance proposed in the case study. The results show a significant superiority of the model with patent compared to the model without patent, even though these results also reveal the need of additional researches to improve evaluation of patents through the real options theory. Finally, the analyses suggest that the process to get the patent of a technology developed by the HEI can increases its transfer value. The models can also be used as a parameter in defining the value of technology transfer in the HEI.
