Пути совершенствования управления региональной инновационной системой: применение модели Кобба–Дугласа / Ways to Improve the Management of the Regional Innovation System through the Application of the Cobb-Douglas Model

Regional innovation systems (RIS) are increasingly recognized as essential components for balanced economic growth and technological advancement. Their effectiveness depends on competent governance, a favorable investment climate, human capital, and innovation infrastructure. In Armenia, the formation and development of RIS is still in its early stages, and there is a clear need for analytical tools that can help identify both enabling and constraining factors in this process. This article proposes the application of an extended Cobb–Douglas production function model to quantify and assess the impact of key RIS components. The model makes it possible to evaluate the influence of capital investment, labor force, human capital quality, ICT sector growth, and government support on economic outcomes. Based on statistical data from Armenia for the period 2018–2023, the model has been tested empirically. The results indicate that economic growth is primarily driven by human capital and investments, while some dimensions of public policy show limited or even negative effects. The model may also serve as a tool for strategic planning, scenario analysis, and long-term policymaking in the field of regional innovation system development.