PRECEDENT IN INVESTMENT TREATY ARBITRATION
This chapter reviews how arbitral tribunals have dealt with precedent, in particular how they have weighed its relevance, and the role of values and doctrine in shaping precedent. It argues that to the extent that tribunals apply international law, judicial decisions are at least evidence of what the law is. When tribunals elaborate their reasons for finding support in a particular precedent or explaining why it is not relevant to the issues under consideration, this contributes to the certainty of the law and its development. In this respect, precedents ignored or accepted without reasoning are missed opportunities.
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