Protection of Legitimate Expectations in Investment Treaty Arbitration : A Theory of Detrimental Reliance

In this book, scholars and practitioners in the field of investment treaty arbitration will gain a deeper understanding of the fair and equitable treatment provision, namely the protection of legitimate expectations. It questions why the law should protect the investor's legitimate expectations and looks at how to protect such expectations.

This book evaluates the core of the concept of legitimate expectations from first principles in moral philosophy. It adopts an unconventional approach by examining this topic from a deep, philosophical perspective and delves into the debates on the binding nature of promise in moral philosophy. It then develops a doctrinal structure for the standard of protection. The author places the key premise of the book on the possibility of deriving firm conclusions from the debate and on creating a set of precise and prescriptive ''guidelines of the application of legitimate expectations''. The features of this book are threefold: first, a significant body of literature on moral philosophy is assimilated; second, core philosophical principles are extracted and expressed as a normative framework to resolve concrete cases; third, the author analysed a vast number of investment treaty awards against the underlying framework.