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Modern investment treaties give private arbitrators power to
determine whether governments should pay compensation to foreign
investors for a wide range of sovereign acts. In recent years,
particularly developing countries have incurred significant
liabilities from investment treaty arbitration, which begs the
question why they signed the treaties in the first place. Through a
comprehensive and timely analysis, this book shows that governments
in developing countries typically overestimated the economic
benefits of investment treaties and practically ignored their
risks. Rooted in insights on bounded rationality from behavioural
psychology and economics, the analysis highlights how policy-makers
often relied on inferential shortcuts when assessing the
implications of the treaties, which resulted in systematic
deviations from fully rational behaviour. This not only sheds new
light on one of the most controversial legal regimes underwriting
economic globalization but also provides a novel theoretical
account of the often irrational, yet predictable, nature of
economic diplomacy.
Modern investment treaties give private arbitrators power to
determine whether governments should pay compensation to foreign
investors for a wide range of sovereign acts. In recent years,
particularly developing countries have incurred significant
liabilities from investment treaty arbitration, which begs the
question why they signed the treaties in the first place. Through a
comprehensive and timely analysis, this book shows that governments
in developing countries typically overestimated the economic
benefits of investment treaties and practically ignored their
risks. Rooted in insights on bounded rationality from behavioural
psychology and economics, the analysis highlights how policy-makers
often relied on inferential shortcuts when assessing the
implications of the treaties, which resulted in systematic
deviations from fully rational behaviour. This not only sheds new
light on one of the most controversial legal regimes underwriting
economic globalization but also provides a novel theoretical
account of the often irrational, yet predictable, nature of
economic diplomacy.
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