Damages in Investor-State Arbitration: Current Issues and Challenges addresses specificities of the assessment of damages in investor-state disputes, reflecting the tensions between the sovereignty and self-determination of states and their legal obligations towards foreign investors. These tensions are primarily present in the context of compensation for expropriation, but other commitments of host states undertaken in bilateral investment treaties and contracts with foreign investors may also be in conflict with changing political and economic circumstances. With this background, the calculation of damages becomes a complex endeavor in each case. The lack of valuation principles that are uniformly accepted and implemented leads to uncertainty and unpredictability in practice. The present analysis tries to identify the most important issues and challenges, such as the choice of the valuation date, appropriate valuation methods, moral damages, and the awarding of interest.

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Irmgard Marboe, Dr., University of Vienna, is Professor of International Law at that university. She has written extensively on the issue of compensation and damages in international arbitration, including one of the leading treatises, Calculation of Compensation and Damages in International Investment Law (OUP 2009, 2nd ed. 2017).
Damages in Investor-State Arbitration: Current Issues and Challenges
Irmgard Marboe
 I Introduction
 II Special Features of Investment Arbitration in the Area of Damages
 III Challenges Regarding the Applicable Law
 IV Standards in Expropriation and in Non-expropriation Cases
 V Difference between ‘Lawful’ and ‘Unlawful’ Expropriations
 VI Causation
 VII Importance of the Valuation Date
 VIII The Application of Valuation Methods
 IX Opinions on Country Risk
 X Other Possible Limitations on Damages
 XI Thresholds for Moral Damages
 XII Interest
 XIII Conclusion
Academics and practitioners interested in the area of international investment law and arbitration.
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