Marktaustausch – Grundlegung einer juristisch-ökonomischen Theorie desAustauschverkehrs

在过去的五年里，我主要致力于发展一种“市场交换”理论(Marktaustausch)。在我即将出版的书中，我分析了衍生品市场在过去400年里是如何在法律和技术上构建的，将比较合同法、经济法历史和经济学联系在一起。我的发现引发了资本市场和合同法领域的两场更大的辩论。首先，我对正在进行的关于金融法律理论的辩论做出了贡献。通过指出远期和期货的异同，我为理解交易所的法律基础提供了一个历史和理论框架。其次，我的发现为合同法中计算损害赔偿的机制提供了新的启示。通过重新将合同法与基本资本市场经济学联系起来，为预期利率的计量提供了一种新的方法。

For the past five years my main focus has been developing a theory of “market exchange” (Marktaustausch). In my forthcoming book, I analyze how derivative markets have been legally and technically constructed in the last 400 years, connecting comparative contract law, economic legal history, and economics. My findings contribute to two larger debates in the fields of capital markets and contract law. First, I contribute to the ongoing debate on the legal theory of finance. I provide a historical and theoretical framework to understand the legal foundations of exchanges by pointing to the similarities and differences of forwards and futures. Second, my findings shed new light on the mechanics of calculating damages in contract law. By reconnecting contract law to basic capital market economics, I provide a new approach to the measurement of expectation interest.