The article deals with the evolution of the damages calculation methods in the investor-state disputes over the past 50 years, in both the doctrine and arbitration practice. The main thesis is that the change of the approach towards the damages calculation from “past” value to the “future” cash-flows has become one of the key elements of the substantial damages arbitral awards of recent years. The author draws attention to the “gap” in legal justification and legitimacy of the DCF method and “lost profits” in the public international law and arbitration doctrine. That change was facilitated by the “second” generation of the members of legal profession, who dwelled in the arbitration “galaxy” after the “first” generation, the so-called “academics”, had left it. We are entering the “third” phase, when eminent practitioners, or “super-arbitrators”, are gaining academic and public recognition separate from the law firms in which they started and grew up.
Treteyskiy Sud № 1 (125) 2021 / http://arbitrage.spb.ru/jts/2021/1_2021.php
