Substantive Protection under Investment Treaties provides the first systematic analysis of the consequences of the substantive protections that investment treaties provide to foreign investors. It proposes a new framework for identifying and evaluating the costs and benefits of differing levels of investment treaty protection, and uses this framework to evaluate the levels of protection for foreign investors implied by different interpretations of the fair and equitable treatment and indirect expropriation provisions of investment treaties. The author examines the arguments and assumptions of both supporters and critics of investment treaties, seeks to test whether they are coherent and borne out by evidence, and concludes that the 'economic' justifications for investment treaty protections are much weaker than is generally assumed. As such, the 'economic' objectives of investment treaties are not necessarily in tension with other 'non-economic' objectives. These findings have important implications for the drafting and interpretation of investment treaties.
Investment Under Uncertainty, Coalition Spillovers And Market Evolution In A Game Theoretic Perspective
Both economists and popular writers have once more run away with some fragments of reality they happened to grasp. Joseph A. Schumpeter, Capitalism, Socialism, and Democracy, 1942. 1. Rational Behaviour and Economics Never in the history of mankind has there been such unlimited belief intheabilitiesofthehumanmindasintheAgeofReasoninthe?rsthalf of the eighteenth century. The likes of Mozart, Goethe, and Rousseau ensured a new era of optimism and creativity in both the arts and the sciences. In mathematics, the theory of probability was re?ned and its laws were believed to be good descriptions of human reasoning and 1 decision making. The French Revolution was the logical conclusion of theAgeofReasonandEnlightenment. Italsobroughtaboutitspolitical and social downfall, ending in an age of terror; a victim of its own success. In the early nineteenth century, however, most ?elds of science abandoned many ideas from the era of Enlightenment. Nevertheless, in psychology and economics the probabilistic approach to describing a human being as a fully rational homo economicus remained popular as ever. 1 In Rousseau (1762, p. 97), for example, one ?nds: "Calculateurs, c'est maintenant votre a? aire; comptez, mesurez, comparez". 1 2 INVESTMENT, COALITION SPILLOVERS, AND EVOLUTION Most of contemporary economics still uses the axiom of rational e- nomic agents, where agents are believed to maximise expected utility. Expectations are often assumed to be based on objective probabilities. Expected utility with objective probabilities has been axiomatised by Von Neumann and Morgenstern (1944).
The importance of property as an investment medium continues to grow. Investors in property or those involved with the provision of expert advice to investors have had to improve the effectiveness and efficiency of their decision making. The aim of this book is to lay down the theoretical foundations of investment decision making, incorporating the techniques and procedures of modern management science, so that particular decisions regarding property investment can be made efficiently and rationally.
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