The article explores the rules applicable to the determination of damages for breaches of investment protection standards other than expropriation in the light of recent awards rendered in disputes involving Argentina. The authors argue, in essence, that: (i) the standards of compensation and valuation techniques used for expropriation are not, as such, legally barred in cases of non-expropriatory breaches of international investment law; (ii) the criteria to determine whether or not to borrow the standards and techniques used in case of expropriation are of a factual nature, namely the type of asset or of damage which is at stake and the intensity of the interference with the economic position of the investor; (iii) the valuation techniques that may be deployed to assess specifically what is required by a given standard of compensation are not, as such, imposed by international investment law and, as result, a tribunal can decide whether or not to use the Discounted Cash Flow (DCF) method to assess the fair market value of a given asset.
Journal of International Arbitration