Description: 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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EAN: 9781107119536
UPC: 9781107119536
ISBN: 9781107119536
MPN: N/A
Book Title: Bounded Rationality and Economic Diplomacy: The Po
Item Length: 22.9 cm
Number of Pages: 264 Pages
Publication Name: Bounded Rationality and Economic Diplomacy: The Politics of Investment Treaties in Developing Countries
Language: English
Publisher: Cambridge University Press
Item Height: 229 mm
Subject: Economics
Publication Year: 2015
Type: Textbook
Item Weight: 520 g
Subject Area: Country
Author: Lauge N. Skovgaard Poulsen
Item Width: 152 mm
Format: Hardcover
