Journal of Internet Banking and Commerce An open access Internet journal (http://www.icommercecentral.com) Journal of Internet Banking and Commerce, December 2016, vol. 21, no. S6 Special Issue: Territory and Industry: The Search for Innovative Ways of Developing Edited By: Eda Yasa Ozelturkay FUZZY PORTFOLIO OPTIMIZATION MODEL WITH ESTIMATION OF RESULTS EDVARD EVGENEVICH NIKULIN Plekhanov Russian University of Economics, Russia, Tel: +74992378517; Email: edvard_nikulin@mail.ru DENIS GRIGOREVICH PEREPELITSA Bauman Moscow State Technical University, Moscow, Russia OLGA ALEKSANDROVNA ZHDANOVA Plekhanov Russian University of Economics, Russia SERGEY ALEKSEEVICH SMETANIN National Research University Higher School of Economics, Moscow, Russia ELENA VLADIMIROVNA NAZAROVA Plekhanov Russian University of Economics, Russia